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Bulletin YOUR DAILY ENTERTAINMENT NEWS UPDATE MAY 4, 2021 Page 1 of 26 INSIDE Warner Music Group • Pop on Top, R&B Rising: The State Boosts Profit Margins on of the Hot 100’s Top 10 in Q1 2021 $1.25B Quarterly Revenue • Red Hot Chili Peppers Selling BY ED CHRISTMAN Song Catalog • The Revolution Will arner Music Group rebounded nicely “Following a strong first quarter, I’m happy to Be Digitized: How from last year’s pandemic-riddled report that our momentum continued in Q2, and our RAC Is Using NFTs to second fiscal quarter, posting $117 business is stronger than ever,” WMG CEO Steve Coo- Empower Artists million in net income, or 23 cents per said in a statement. “Despite the ongoing pandem- • Here’s How perW diluted share, on revenues of $1.25 billion for the ic, we generated double-digit revenue growth in both Music Companies quarter ended March 31, 2021. That’s versus a $48 Recorded Music and Music Publishing. Our success Are Honoring million net income loss on revenue of $1.09 billion for was driven by chart-topping new releases from our Asian American the quarter ended March 31, 2020. incredible artists and songwriters, as well as bold and and Pacific Islander Heritage Month Most importantly, all of the company’s profit met- imaginative execution from our world-class opera- rics showed improvement with OIBDA (operating tors. We’re excited about the rest of year, as we have a • UTA Promotes income before depreciation and amortization) coming fantastic slate of new music coming from established over 100 Across in at $228 million versus $12 million in the year earlier superstars and emerging talent.” 30 Divisions period; while after those expenses, operating income The company credited releases from Megan Thee • All Your Questions came in at $151 million, versus a $43 million loss last Stallion, as well as carryover success from Dua Lipa, About the End of the time out.
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