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Warner Music Group Posts Solid Q3 2018, Digital Up 14%

Wmg[UPDATE 2] Warner Music Group revenue grew 1.9% on a constant currency basis in Q3 2018, according to a financials filed on Tuesday. That growth was driven by the sale of Spotify stock and 14.1% growth in digital revenue.

“Amazing new music from our artists and songwriters and great execution from our global operators have driven our year-to-date revenue up 12%, or 7% in constant currency,” said Steve Cooper, Warner Music Group’s CEO.  “While streaming continues to fuel our growth, we are exploring a wide array of creative and commercial opportunities in order to position ourselves for long-term success.”

  • Total revenue grew 4.5% or was up 1.9% in constant currency
  • Digital revenue grew 16.1% or was up 14.1% in constant currency
  • Net income was $321 million versus $143 million in the prior-year quarter
  • OIBDA was $99 million versus $115 million in the prior-year quarter

“We are pleased with our revenue growth in the context of a very difficult prior-year comparison,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO.  “The health of our business is evidenced by our very strong cash generation.”