WMG收入同比下降4.5%,但數位業務仍在增長

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  • WMG收入同比下降4.5%,但數位業務仍在增長

      202011/2506:38

    ◎(Warner Music Group)發布最新一季財務業績,揭示Covid-19大流行繼續對業務產生的影響。
    ◎WMG上一季收入為10.1億美元,同比下降4.5%。但是,其數位收入增長了11%,達到7.2億美元,占公司總收入的71.3%。
    ◎WMG的經營虧損高達4.33億美元,原因是“與公司長期激勵計劃相關、非現金股票的薪酬費用增加4.26億美元”以及6月初與IPO相關的8600萬美元成本。
    ◎WMG的音樂收入同比下降5.7%,至8.61億美元,儘管其數位收入增長了7.9%,至6.3億美元,僅佔總收入的73%。這比一年前的63.9%有所增加,Covid-19打擊了實體收入–上一季度下降了46.3%,僅為5100萬美元;藝人服務和版權擴大(下降了21.5%,至1.24億美元)和許可(下降26.3%,至5600萬美元)。從WMG向SEC提交的財務報告中可以看出:Covid-19對美國唱片音樂業務的打擊,比國際唱片音樂業務的打擊嚴重:收入分別下降9.4%和2.9%。
    ◎在全球數位市場中,WMG的串流媒體錄製音樂收入同比增長9.1%,至5.89億美元,而下載和其他數字收入下降6.8%,至4,100萬美元。在數位領域,WMG的串流媒體錄製音樂收入同比增長9.1%,至5.89億美元,而下載和其他數位收入下降6.8%,至4,100萬美元。
    ◎該公司的出版部門收入增長了1.4%,達到1.49億美元,其中9000萬美元來自數位資源,佔60.4%。這些數位出版收入同比增長38.5%,彌補了表演使用費(下降25%,降至2700萬美元)等的損失。
    ◎執行長(Steve Cooper)對本季表現感到非常滿意,尤其是考慮到疫情全球大流行。此外,串流媒體收入增長兩位數,數位化轉型仍在繼續。

    詳細內文:

    Warner Music Group has published its latest quarterly financial results, for its fiscal third quarter (calendar Q2). They reveal the impact that the Covid-19 pandemic continues to have on its business.
    WMG generated revenues of $1.01bn last quarter, down by 4.5% year-on-year. However, its digital revenues grew by 11% to $720m as part of that, accounting for 71.3% of the company’s total revenues.
    WMG recorded a whopping operating loss of $433m, although that was due to ‘a higher non-cash stock-based compensation expense of $426 million related to the Company’s long-term incentive plan’ as well as $86m of costs associated with its IPO in early June.
    Breaking those revenues down, WMG’s recorded music revenues fell by 5.7% year-on-year to $861m, although its digital revenues grew by 7.9% to $630m – just over 73% of the total.
    That’s up from 63.9% a year ago, although bear in mind that physical revenues have been hit by Covid-19 – they were down by 46.3% to just $51m last quarter – as well as artist services and expanded rights (down by 21.5% to $124m) and licensing (down by 26.3% to $56m).
    (One point that jumps out of WMG’s SEC filing for the financials: its US recorded music business was hit harder by Covid-19 than its international recorded music business: revenues were down by 9.4% and 2.9% respectively.)
    For the global total, within the ‘digital’ segment WMG’s streaming recorded music revenues grew by 9.1% year-on-year to $589m, while downloads and other digital income fell by 6.8% to $41m.
    Within digital, WMG’s streaming recorded music revenues grew by 9.1% year-on-year to $589m, while downloads and other digital income fell by 6.8% to $41m.
    The company’s publishing division actually grew its revenues year on year: they were up by 1.4% to $149m, with $90m of that coming from digital sources – 60.4%.
    Those digital publishing revenues were up by 38.5% year-on-year, which made up for falls in performance royalties (down 25% to $27m), mechanical royalties (down 38.5% to $8m) and synchronisation revenues (down 24.1% to $22m).
    “We’re very pleased with our performance this quarter, especially in light of the global pandemic. Our results highlight the underlying strength and resilience of our business. Streaming revenue grew double digits and our digital transformation continues,” said CEO Steve Cooper in a statement.
    “These results are slightly better than our expectations, given the sustained effect that COVID has had on certain aspects of our business,” added EVP and chief financial officer Eric Levin.
    “We have a robust cash position and all the music and resources needed to come out the other side of this with our long-term prospects as strong as ever.”
    Later in the afternoon, Cooper and Levin held an earnings call with analysts. We’ve written up some of the key talking points from the Q&A, including Cooper’s views on Spotify’s podcasts expansion; the opportunities for WMG in livestreaming; the “somewhere between crazy and really, really crazy” mergers and acquisitions market; and TikTok.

     

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