Warner Music Group Reports Recorded Music Revs Up 3.3%
August 8, 2013 at 4:36 AM (PT)
WARNER MUSIC GROUP has released its fiscal second quarter financial results for the period ended JUNE 30th, 2013. The highlights:
* Total digital revenue grows by 11.7%
* Recorded Music revenue up 3.3%
* OIBDA and OIBDA margin improve
* PARLOPHONE LABEL GROUP acquisition closed on JULY 1st
"We recorded a solid quarter, having released several successful albums and delivered strong performance from carryover releases, while continuing to exercise financial discipline and to benefit from the outstanding execution of our operators," said CEO STEPHEN COOPER. "We are also very pleased that, on JULY 1st, we closed the acquisition of PARLOPHONE LABEL GROUP and we are now moving forward with our plans for PARLOPHONE’s extraordinary artists, legendary catalog and talented team."
"Both Recorded Music and Music Publishing contributed to an increase in our total digital revenue, and both segments contributed to our improved OIBDA and OIBDA margin this quarter," added EVP/CFO BRIAN ROBERTS. "In addition, we paid down $175 million in debt during the quarter."