WMG Revenues Down 4.9% In Q3
August 9, 2012 at 4:42 AM (PT)
WARNER MUSIC GROUP CORP. has reported its fiscal third quarter financial results for the period ended JUNE 30, 2012.
"There were several bright spots in our results for the quarter," said CEO STEPHEN COOPER. "In our Music Publishing business, we grew OIBDA, OIBDA margin and constant-currency revenue. In our Recorded Music business, strong growth in digital revenue more than offset the decline in physical revenue on a constant-currency basis, showing the promise of the industry's transformation. We look forward to the fourth quarter and the next fiscal year, as we work to accelerate our progress."
Revenue declined 4.9%, "largely related to the unfavorable impact of foreign currency exchange rates," noted the company. On a constant-currency basis, revenue declined 1.2% as strong growth in digital revenue and growth in total Music Publishing revenue was more than offset by continued physical revenue declines in the recorded music industry and declines in concert promotion revenue.
Digital revenue represented 35.2% of total revenue for the quarter, compared to 29.5% in the prior-year quarter. Increased digital revenue reflects global growth in downloads and subscription/streaming services, partially offset by continued declines in the ringtone business.
Music Publishing revenue declined 4.1%, but grew 0.7% on a constant-currency basis.