WMG Quarterly Revenue Exceeds $1B, 1st Time In 10 Years
Warner Music Group [WMG has announced first-quarter financials for the period ended December 31, 2017. “2018 is off to a great start. For three years running, we have grown revenue by double digits in the first quarter, a great testament to the sustainability of our success,” said Steve Cooper, Warner Music Group’s CEO. “Streaming is driving the industry and we continue to outperform thanks to fantastic new music and the strength of our worldwide operating team.”
“This marks the first time in over 10 years that our quarterly revenue has exceeded a billion dollars”, added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “Our cash flow is strong and we are committed to maintaining our momentum.”
Highlights:
- Total revenue grew 14.0% or was up 10.1% in constant currency
- Digital revenue grew 20.0% or was up 17.1% in constant currency
- Net income was $5 million versus $24 million in the prior-year quarter
- OIBDA was $155 million versus $157 million in the prior-year quarter
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