Warner Music Group Reports Strong Digtal Growth As Quarterly Losses Narrow Dramatically
Warner Music Group reported 21% growth in digital for the last quarter on Thursday, as losses narrowed to $3 million from $23 million in the same quarter last year. Net income for the full year was $30 million versus a net loss of $88 million in the prior year.
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Warner Music Group financial report highlights for Q4 and the full year ending September 30, 2016:
- Total revenue grew 9.4% or was up 13.1% in constant currency for the full year
- Digital revenue grew 21.0% or was up 24.3% in constant currency for the full year
- Net income for the full year was $30 million versus a net loss of $88 million in the prior year
- OIBDA for the full year was $507 million versus $436 million in the prior year
- Total revenue grew 12.1% or was up 13.2% in constant currency for the quarter
- Digital revenue grew 23.1% or was up 24.6% in constant currency for the quarter
- Net loss for the quarter was $3 million versus $23 million in the prior-year quarter
- OIBDA for the quarter was $123 million versus $113 million in the prior-year quarter
“We’ve had another excellent year, in which we posted strong financial results and outperformed the industry,” said Steve Cooper, Warner Music Group’s CEO. “This fiscal year marked our highest total revenue in eight years and our highest OIBDA in a decade. We’re creating great momentum by investing in a flow of fantastic new music, expanding our presence around the globe and embracing new business models early."
