Warner Music Group Reports Strong Q1, Digital Up 17.6%

Warner Music Group reported total revenue growth of 15.1% in Q1, which ended on December 31st, led by 17.6% growth in digital revenue. “I’m pleased that we are off to a great start for fiscal ‘19,” said Steve Cooper, Warner Music Group’s CEO.  “We have best in class operators working with amazing music from our extraordinary artists and songwriters across a diverse set of genres, generations and geographies.”

“Our first-quarter results are evidence that our long-term strategy is paying off,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO.  “Our Recorded Music business alone exceeded $1 billion in revenue, and we also had strong OIBDA and cash flow.”

Highlights

• Total revenue grew 15.1% or was up 17.8% in constant currency
• Digital revenue grew 17.6% or was up 19.9% in constant currency
• Net income was $86 million versus $5 million in the prior-year quarter
• OIBDA was $215 million versus $155 million in the prior-year quarter