The audio entertainment giant's merger with parent company Liberty Media's tracking stock in September triggered a $3.36 billion write-down of certain assets.
Snoop Dogg’s new publishing partner increased guidance slightly on its full-year revenue and adjusted EBITDA.
Summer performances from Billy Joel and Noah Kahan contributed to a record quarter.
Those quarterly dips overshadowed a 33% increase in quarterly profit driven by music subscription revenues rising by nearly 30%.
The company's recorded music division saw a 26% spike in revenue, despite a dip in sales for physical music.
Total revenue for the third fiscal quarter fell 1% as BMG's distribution deal rolls off and physical recorded music sales and merchandise fall.
The decrease, though better than the same quarter last year, contributed to an overall 3% decline in the company's quarterly revenues.
Spotify's CEO expects record-high payouts to record labels and publishers in 2024 and says a new premium music offering could cost $17-$18 a month.
The streaming giant said it added 1 million more subscribers than forecast for the second quarter, boosting revenue and profit margins.
CEO Golnar Khosrowshahi said the company, which beat full-year guidance, expects a boost from “a regular cadence of price increases” from music subscription services.
