Warner Music Group Reports Results For Fiscal First Quarter
February 7, 2017
Warner Music Group has announced its first-quarter financial results for the period ended December 31, 2016.
“Our strong momentum continues with excellent first-quarter results including 11% constant-currency revenue growth on top of 11% growth in the prior-year quarter,” said Steve Cooper, Warner Music Group’s CEO. “While streaming continues to drive industry growth, we are outperforming the market thanks to extraordinary music from our artists coupled with first-class execution from our operators around the world.”
“We had another great quarter and I am very pleased with our revenue, OIBDA and cash flow performance,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “Our formula for sustainable growth is clearly working.”
Revenue grew 8.0% (or 10.6% in constant currency). Growth in Recorded Music digital and artist services and expanded-rights revenue and Music Publishing digital and synchronization revenue was partially offset by declines in Recorded Music physical and licensing revenue and Music Publishing mechanical and performance revenue. Revenue grew in all regions. Digital revenue grew 27.6% (or 30.2% in constant currency), and represented 48.4% of total revenue, compared to 41.0% in the prior-year quarter.