Newly Public Warner Music Faces COVID-19 Headwinds
Warner Music Group (NASDAQ: WMG) is a record label that discovers and produces music for recording artists in a variety of genres. Major recording artists, including Ed Sheeran, The Weeknd, and Lil Uzi Vert, use Warner Music's platform to market and distribute their music to the public.
Earlier this year, Warner Music became a publicly traded company offering 77 million shares of stock at a price of $25 per share. Despite the successful IPO, COVID-19 has been a dark cloud over the company, as fewer people have purchased physical copies of albums from brick-and-mortar stores. However, the growth from digital music streaming has provided some silver lining for investors.
Source Fool.com
