![]() ![]() Net income: 5 million euros, up from a 456-euro million net loss in Q3 2020.Operating income: 101 million euros, up from a 224-euro million operating loss in Q3 2020.Ad-supported listeners: 220 million, +19% y/y, +5% q/q.Total listeners: 381 million million, +19% million y/y, +4% q/q.Net income: 2 million Euros, +103 million euros y/y.Operating income: 75 million Euros, +115 million euros y/y.Podcasts have the potential to increase listener engagement, attract creators and lift advertising revenue, but the results are thus far difficult to quantify. The company emphasized podcasts - both value to the platform and contribution to advertising revenue growth. Also, advertising revenue recovered from 2020 doldrums and reached $323 million, the second-best ever after $356 million in Q1 2021. A notable item in the earnings release was an uptick in average revenue per user due to small price increases in some markets (in the U.S., the family plan was raised from $14.99 to $15.99, for example). Spotify met expectations and hit the high end of the guidance provided in July. Digital music services - satellite radio and music streaming services - fare best and continued to add subscribers. Record labels and music publishers suffered small hiccups, mainly from lost physical sales and sharp drops in tour merchandise. Elsewhere in the industry, the pandemic merely slowed companies’ growth. iHeartMedia, Cumulus and other radio companies are benefitting from a rebound in advertising spending but are still climbing toward pre-pandemic levels. Two areas hit hard by the pandemic, live music and advertising, are recovering from historic low points. Live Nation concert attendance rose almost 13 times above the previous quarter, raising investors’ expectations for 2022 and pushing its share price to an all-time high. The latest earnings reports depict a range of companies generally moving in the right direction. For select companies, Billboard added executives’ comments from the earnings call and securities analysts’ reactions. This “mega-thread” contains companies’ revenue, profits, breakdowns by divisions, metrics about fan engagement, and guidance on upcoming quarters. To help readers keep track of recent notable earnings, Billboard has aggregated information about the major publicly traded music companies in a single article. ![]() Every three months, these companies release reams of detailed financial performance and important metrics to give investors an accurate snapshot of their health and progress - or lack of it. As the list of publicly traded music companies grows, so too does the amount of information for the public to follow. Four music companies have gone public in the last two months, bringing major labels, small publishers and a small distributor to a broader group of music streamers, concert promoters and radio broadcasters. ![]()
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