Warner Music Group reported fiscal second-quarter revenue of $1.5 billion, up 7 percent from a year ago, and net income of $96 million, up from $37 million a year ago. While both numbers saw a jump, the company reported earnings per share of 18 cents per share, below Wall Street expectations of 20 cents.
The bottom-line results were driven by a strong operating performance — $12 million in savings from a March 2023 restructuring plan — and the impact of exchange rates on the company’s Euro-denominated debt, which led to a gain of $21 million in the quarter compared to a loss of $20 million in the prior-year quarter.
“Our performance in the quarter was driven by an acceleration in Recorded Music subscription streaming growth and continued momentum in music publishing,” said Bryan Castellani, CFO of Warner Music. “Encouraged by the continued growth in engagement and value of music, we remain focused on delivering on our strategy and driving long-term shareholder value.
The bottom-line results were driven by a strong operating performance — $12 million in savings from a March 2023 restructuring plan — and the impact of exchange rates on the company’s Euro-denominated debt, which led to a gain of $21 million in the quarter compared to a loss of $20 million in the prior-year quarter.
“Our performance in the quarter was driven by an acceleration in Recorded Music subscription streaming growth and continued momentum in music publishing,” said Bryan Castellani, CFO of Warner Music. “Encouraged by the continued growth in engagement and value of music, we remain focused on delivering on our strategy and driving long-term shareholder value.
- 5/9/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Jarret Myer, Rich Antoniello and will.i.am have formed Uproxx Studios, after acquiring Uproxx, HipHopDX, Dime Magazine and other media assets from Warner Music Group.
The studio will also have the exclusive license to represent Warner Music Group’s YouTube inventory of stars for all media sales in the United States. Myer, co-founder of Uproxx Media, will serve as incoming CEO of the studio, while will.i.am will serve as chief visionary officer.
“We’re doubling down on growth,” Myer said. “Expect significant investments in our brands, team, and the experiences we offer – both creators and audiences alike.”
In his position, the company said will.i.am will bring “his star power, Futurism and tech expertise.” The company will also partner with software company Fyi to use AI technology and Fyi radio. Fyi’s AI-powered platform will have its own vertical within Uproxx Studios.
“Innovation is in our DNA,” will.
The studio will also have the exclusive license to represent Warner Music Group’s YouTube inventory of stars for all media sales in the United States. Myer, co-founder of Uproxx Media, will serve as incoming CEO of the studio, while will.i.am will serve as chief visionary officer.
“We’re doubling down on growth,” Myer said. “Expect significant investments in our brands, team, and the experiences we offer – both creators and audiences alike.”
In his position, the company said will.i.am will bring “his star power, Futurism and tech expertise.” The company will also partner with software company Fyi to use AI technology and Fyi radio. Fyi’s AI-powered platform will have its own vertical within Uproxx Studios.
“Innovation is in our DNA,” will.
- 4/24/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Exclusive: Dave Chappelle is doubling down in the podcast space.
The comedian’s Pilot Boy Productions has joined People’s Party With Talib Kweli as an executive producer as the series is moving exclusively to subscription podcast platform Luminary.
It marks the latest example of exclusivity of hit podcasts, such as The Joe Rogan Experience on Spotify, which also snapped up exclusive rights to sex and relationship series Call Her Daddy last week.
People’s Party With Talib Kweli will become exclusive to Luminary and Luminary’s channel on Apple’s subscription podcast service on July 5. The video of each episode will be available on Uproxx’s YouTube channel the Monday following each episode.
The show, co-created by Kweli and Jarret Myer, is a weekly interview show produced by Uproxx. The pair have had guests including Dmx, Ice Cube, Lil Kim, Macklemore, The Game, Ice Cube, Lamar Odom, Dax Shepard,...
The comedian’s Pilot Boy Productions has joined People’s Party With Talib Kweli as an executive producer as the series is moving exclusively to subscription podcast platform Luminary.
It marks the latest example of exclusivity of hit podcasts, such as The Joe Rogan Experience on Spotify, which also snapped up exclusive rights to sex and relationship series Call Her Daddy last week.
People’s Party With Talib Kweli will become exclusive to Luminary and Luminary’s channel on Apple’s subscription podcast service on July 5. The video of each episode will be available on Uproxx’s YouTube channel the Monday following each episode.
The show, co-created by Kweli and Jarret Myer, is a weekly interview show produced by Uproxx. The pair have had guests including Dmx, Ice Cube, Lil Kim, Macklemore, The Game, Ice Cube, Lamar Odom, Dax Shepard,...
- 6/14/2021
- by Peter White
- Deadline Film + TV
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.