Warner Music Group Fiscal Fourth Quarter Revenues Flat, Loss Narrows

Loss Narrows

WARNER MUSIC GROUP fiscal fourth quarter total revenue was up 0.9% (0.1% on a constant-currency basis) at $771 million, with digital revenue, driven by streaming services, up 9.9% to $301 million and net loss narrowing 58% from $57 million to $24 million year-to-year.  Domestic total revenue was up 2.1% and international total revenue fell 0.4% (1.6% on a constant currency basis).  Total revenue increased 5.2% for the full year to $3.027 billion.

Recorded Music revenue rose in digital, licensing and artist services and expanded-rights. while Music Publishing revenue increased in digital, synchronization and performance, offsetting softness in Recorded Music physical revenue and Music Publishing mechanical revenue. U.S., U.K., GERMANY, and ITALY Recorded Music growth was partially offset by declines in JAPAN, FRANCE, and other markets.  Major sellers for the quarter included ED SHEERAN, MARIYA TAKEUCHI, BLAKE SHELTON, KYARY PAMYU PAMYU, and COLDPLAY.

CEO STEPHEN COOPER said, “We are proud of everything we accomplished this year.  We had great success with artists at all stages of their careers, breaking amazing new talent as well as taking our established roster to new heights.  At the same time we expanded our digital footprint, announced several groundbreaking partnerships and pushed into emerging markets, ensuring we are well positioned to capitalize on future growth opportunities as the industry evolves and streaming services achieve scale.”

EVP/CFO ERIC LEVIN added, “We improved our financial flexibility this year by lowering interest cost with our APRIL refinancing and we continue to look for new and innovative opportunities to generate revenue and cost savings."

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