Warner Music to Donate $100 Million to Social Justice Organizations
However, recorded-music and music publishing thus far have been less affected economically by the pandemic than live-entertainment business, which has been flattened by the bans on large gatherings, leading Goldman to project a 75% revenue plunge for the live industry this year, to $7 billion. But since the pandemic took hold in the U.S.
: Although streaming revenues were up 11% to $586 million and digital revenue was up 5.7% , total revenue was down 1.7% compared to the prior year-quarter or flat in constant currency, net loss was $74 million versus net income of $67 million in the prior-year quarter. Recorded music revenues were down 2.8% year over year to $907 million. However, that drop was largely due to unusually robust physical sales in the same quarter the previous year; this quarter saw them dropping 27.
The pandemic has led Goldman to lower its projections significantly, with music pulling in $57.5 billion in 2020 — a nearly 30% drop from its original forecast, and depressingly lower than 2019’s $75 billion. It also scaled down its publishing forecast by 5% and recorded music by 8% . In its report, Goldman said it expects a “strong rebound” in the live sector in 2021 and an average 6% growth in the music business over the next decade, nearly doubling in value to $142 billion by 2030.
The IPO announcement largely quelled rumors from early this month that Saudi Arabia’s Public Investment Fund, which
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