Warner Music Group Reports Stronger Financials, Revenue Up 7%
Warner Music Group reported stronger financials for the first fiscal quarter ending December 31, 2014. Total revenue grew 7% on a constant-currency basis. During this mornings earnings call, WMG executives reported that revenue from streaming music is now within $1 million per quarter of income from digital downloads. More stats:
- Digital revenue increased 14% on a constant-currency basis
- Recorded Music revenue was up 8% on a constant-currency basis
- OIBDA was $102 million versus $93 million in the prior-year quarter
- Net loss was $41 million versus $36 million in the prior-year quarter
"Some strong new releases, as well as outstanding execution by our operators around the world during the holiday season, made for an excellent start to our fiscal year," said Stephen Cooper, Warner Music Group’s CEO. "
The company also touted its purchase of Parlaphone and new digital initiatives including deals with Vessel, Snapchat and others as "providing opportunities for artists that they can not find at our competitors."