Warner Music Group First Quarter Revenue Up, Income Down

Q1 Results

WARNER MUSIC GROUP first quarter revenue grew 10% (13% in constant currency) year-over-year to $1.376 billion, with recorded music up 8% to $1.147 billion, music publishing up 20% to $230 million, and digital up 8% to $931 million (including streaming revenue uo 9%). Net income, however, fell 21% to $92 million (18 cents/share) and adjusted net income fell 23% to $111 million; OIBDA rose 12% to $255 million.

Top sellers for the quarter included ED SHEERAN, MICHAEL BUBLÉ, DUA LIPA, and RED HOT CHILI PEPPERS.

“WARNER MUSIC GROUP’s unique combination of scale and agility gives us, our artists, and our songwriters an edge in music’s ever-expanding universe of opportunity. We continue to build our unparalleled artist development expertise, our differentiated approach to global expansion, and our ground-breaking commitment to innovation at the intersection of music, gaming, social and fitness,” said CEO STEVE COOPER. “We’re equally excited about the amazing new releases we have lined up for the rest of the year, and the possibilities on the horizon.”

“The underlying health and resilience of our business is reflected in the diversified revenue growth that we delivered in the second quarter,” said CFO ERIC LEVIN. “While our core business continues to flourish, new growth vectors are constantly emerging.  We look forward to driving value for our shareholders and are well-positioned to capitalize on the robust trends taking place in our industry.”

« see more Net News