Warner Music Group revenue hits $4 Bn in its recently published full year results (year ending 30th September 2018). Revenue grew 12% overall with digital revenues growing 20.4% which represents 56.2% of total revenue, compared to 52.3% in the prior year.
Growth in recorded music continues to be fuelled by the increase in streaming revenues which were only partially offset by the decline in physical and digital downloads. Headline financial results for the full year are:
- Total revenue for the full year grew 12.0%
- Digital revenue for the full year grew 20.4%
- Net income for the full year was $312 million versus $149 million in the prior year
- Operating Income Before Depreciation and Amortization (OIBDA) for the full year was $478 million versus $473 million in the prior year
“We’ve had another terrific year and revenue exceeded $4 billion for the first time in our fifteen-year history as a standalone company,” said Steve Cooper, Warner Music Group’s CEO. “We continue to invest in our business for the benefit of our recording artists and songwriters and to fuel our long-term growth.”
“The fact that we ended the year with over $500 million in cash, despite significant spend on A&R, marketing, M&A and dividends, is evidence of the underlying strength of our business,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “We’re on a great run and I’m looking forward to many more years of success.”
Warner Music Group has some of the best-known record labels in the music industry including Asylum, Atlantic, Big Beat, Canvasback, East West, Elektra, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin’, Warner Bros., Warner Classics and Warner Music Nashville, as well as Warner/Chappell Music, one of the world’s leading music publishers, with a catalogue of more than one million copyrights worldwide.
The full financial results for Warner Music Group can be found here.
