The music major reports a big jump in music publishing revenue in its latest quarterly results.
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Quarterly operating income before depreciation and amortization , another profitability metric, dropped 3.3 percent though, or 2.6 percent on a constant currency basis, to $233 million, “primarily as a result of revenue mix due to the growth of lower-margin artist services and expanded-rights revenue and the unfavorable impact of exchange rates, partially offset by the impact of the mark-to-market adjustment of an earn-out liability related to an acquisition.
Quarterly operating income fell 10 percent to $146 million, with adjusted operating income down 8.7 percent to $168 million due to the same factors affecting OIBDA and “higher amortization expenses due to recent acquisitions and capital spending,” the company said. The music major posted a 6.9 percent revenue increase, or 12.1 percent when assuming constant currencies, for the latest quarter to June 30 to $1.43 billion amid a big jump in music publishing, as well as growth in recorded music and digital.
In recorded music, major sellers in the fiscal third quarter included Ed Sheeran, Dua Lipa, Tatsuro Yamashita, GOT7, Jack Harlow and Gunna. Recorded music revenue in the second quarter rose 3.2 percent, or 8.5 percent in constant currency, to $1.19 billion “due to artist services and expanded-rights revenue growth …, reflecting an increase in concert promotion revenue, which was disrupted by COVID in the prior-year quarter.
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