Warner Music Reports Financials, $23 Million Loss In Last 3 Months
Warner Music Group continues to lose money at a substantial rate. Despite a 10.6% rise in digital revenue, the label and music group loss $23 million in the last quarter.
Warner Music Group Corp. today announced its fourth-quarter and full-year financial results for the period ended September 30, 2015.
Total revenue declined 2.0% or was up 6.2% in constant currency for the full year- Digital revenue grew 3.6% or was up 10.0% in constant currency for the full year
- OIBDA for the full year was $436 million versus $340 million in the prior year
- Net loss for the full year was $88 million versus $303 million in the prior year
- Total revenue declined 2.7% or was up 7.3% in constant currency for the quarter
- Digital revenue grew 10.6% or was up 19.8% in constant currency for the quarter
- OIBDA for the quarter was $113 million versus $107 million in the prior-year quarter
- Net loss for the quarter was $23 million versus $24 million in the prior-year quarter
WMG Executive Spin
“We had an excellent year,” said Stephen Cooper, Warner Music Group’s CEO. “We’ve topped the charts with break-out talent, legendary songwriters and global superstars. As the first music major to report streaming revenue exceeding download revenue, we’ve continued to lead the digital transformation, helping us to achieve four consecutive years of revenue growth in our combined recorded music digital and physical business. We’ve outperformed the industry and we are well positioned to build on our success this coming year and beyond.”
“Our fourth-quarter and full-year results are impressive,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “We stayed focused on cost and cash management throughout the year and saw significant improvement in key financial metrics. As I reflect on my first full year at the company, I’m pleased by our progress and excited by our potential."
