Thursday, April 24, 2014
Advertisement:
What is RSS/XML?
Subscribe to FMQB News.

Warner Music Revenue Down Slightly In Fiscal Q1
February 14, 2013

Warner Music Group has released its results for the company's fiscal first quarter, which ended December 31, 2012. For the quarter, revenue fell by 0.8 percent to $769 million, down from $775 million a year earlier. However, revenue grew 0.3 percent in constant currency. Digital revenue was up 16 percent from $219 million to $255 million. Operating income grew by 31 percent to $51 million.

WMG notes that "Despite a difficult year-over-year comparison resulting from strong physical sales of Michael Bublé’s Christmas in the prior-year quarter, the company’s stable revenue results reflect solid digital revenue growth in both Recorded Music and Music Publishing, as well as growth in Recorded Music licensing revenue, offset by a decline in physical sales and non-digital Music Publishing revenue." Additionally, digital revenue represented 33.2 percent of total revenue for the quarter, compared to 28.3 percent a year ago. 

WMG took an $80 million net loss in the quarter, which reflects the impact of an $83 million loss on the extinguishment of debt in connection with the company’s November 2012 refinancing of certain indebtedness.

Recorded music revenue was essentially flat in the quarter, at $657 million, with digital revenue up 16 percent to $237 million. Top sellers in Q1 included Led Zeppelin, Bruno Mars, Michael Bublé, Johnny Hallyday and the Génération Goldman tribute album. On the publishing side, revenue fell four percent to $116 million while digital revenue grew 27 percent to $19 million.

"We are pleased with the start we’ve had to our fiscal year," said WMG CEO Stephen Cooper. "We continue to make progress throughout our organization, while maintaining our focus on long-term artist development, innovation and growth and carefully managing costs."
 
"Digital revenue, OIBDA and OIBDA margin all showed solid growth," added EVP/CFO Brian Roberts. "Even with $132 million in cash outflows in the quarter associated with our refinancing, we had $189 million of cash on our balance sheet as of December 31, 2012."




 
Breaking News
CC Media Holdings Reports Flat Q1 Results
SiriusXM Reports 11% Increase In Q1 Revenue
Nielsen Q1 Revenue Up 13%
Apple Reports Q2 Revenue Of $45.6 Billion
In Brief - April 24, 2014
FMQB FYI... Links You Should Know About
April 23, 2014
Jelli Launches Record Number Of Radio Stations On Its Ad Platform In Q1 2014
Matt Siegel Extends Contract With Kiss 108/Boston Through 2018
In Brief - April 23, 2014
April 22, 2014
CCM+E Announces New iHeartRadio Networks
Emmis Announces Investment in Funkmaster Flex
In Brief - April 22, 2014
April 21, 2014
Major Labels Sue Pandora Over Pre-1972 Songs
NBC And Clear Channel Celebrate Music's Biggest Stars At First Ever iHeartRadio Music Awards
Tanch Named Afternoon Host and APD At KHTP/Seattle
In Brief - April 21, 2014
April 17, 2014
Report: Two-Thirds See Radio As Local
L & L And Alpha Merge As Alpha Media
In Brief - April 17, 2014
FMQB FYI... Links You Should Know About
April 16, 2014
BIA/Kelsey Says "The Internet Radio Revolution Has Arrived"
In Brief - April 16, 2014
April 15, 2014
Alan Chartrand Named Market President For CCM+E-Boston
CBS Radio New York SVP Market Manager Don Bouloukos To Retire
Music News
Katy Perry Offers "Birthday" Surprise
Quick Hits: Lenny Kravitz, Nas, Nicki Minaj, Neil Young, Duran Duran & John Frusciante, Arctic Monkeys
Frozen Staves Off Arrival Of Four New Debuts
Quick Hits: Beyoncé & Boots, Coldplay, Wiz Khalifa, Saturday Night Live, Jack Johnson, Boston Calling Festival
Eminem, Pearl Jam & Outkast To Headline ACL Music Festival
FMQB Photo Pass: Christina Perri
Quick Hits: Lorde, Kings of Leon, Katy Perry, Jack White, Outkast
More Surprises At Coachella's Second Weekend
Quick Hits: Miley Cyrus, Prince, Gwen Stefani, Christina Aguilera, Guns N' Roses, Foo Fighters, Little Mix, Broken Bells, Maxwell
Prince And Warner Bros. Records Unveil New Partnership
Grohl & Novoselic Talk Nirvana's Hall Of Fame Night
Quick Hits: Coldplay, Forbes' wealthiest rappers, American Idol, Beck, The Whigs
AC/DC Will "Continue To Make Music"
Frozen Soundtrack Still Rock Solid In Sales
Quick Hits: Miley Cyrus, Jay Z & Beyonce, Made In America festival, Paul McCartney, The Who, Golden Gods Awards
FMQB NOW

Nick Petropoulos
Glassnote Entertainment
Group

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!