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# Warner Music Group Swings To Profitable Thanks To Streaming, Plans $50 Million Debt Buyback
- URL: https://www.hypebot.com/warner-music-group-swings-to-profitable-thanks-to-streaming-plans-50-million-debt-buyback/
- Published: 2016-02-04T08:38:45.000Z
- Updated: 2016-02-04T08:38:45.000Z
- Description: I'm so used to reporting how much major label groups lose each quarter, that I had to read these results several times before believing them: Warner Music Group reported a. Continue reading [https://www.hypebot.com/hypebot/2016/02/warner-music-group-swings-to-profitable-thanks-to-streaming-plans-50-
- Author: Bruce Houghton
- Tags: Major Labels, Music Business, music, WMG, #wp, #wp-post, #Import 2026-01-21 10:22

[![Wmg](http://hypebot.typepad.com/.a/6a00d83451b36c69e201b8d19b32cd970c-150wi "Wmg")](http://hypebot.typepad.com/.a/6a00d83451b36c69e201b8d19b32cd970c-popup?ref=hypebot.com)I'm so used to reporting **how much major label groups lose** each quarter, that I had to read these results several times before believing them: **Warner Music Group** reported a **substantial profit** in the first quarter of this fiscal year. **after losing $41 million** in the same quarter last year.

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"We delivered another strong quarter, thanks to great music from our artists and excellent execution from our worldwide team," said Stephen Cooper, Warner Music Group's CEO, while announcing the world's 3rd largest music group's financial results for the quarter ending December 31, 2015."Subscription streaming is a major driver of our growth and streaming revenue remains on a trajectory to become our largest revenue source."

“We achieved robust growth in revenue, OIBDA, margin and cash flow,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “I am also pleased with our recently announced plans to redeem $50 million of our senior notes with cash on hand, which will further strengthen our balance sheet.”

Highlights
- [![Wmg](http://hypebot.typepad.com/.a/6a00d83451b36c69e201b8d19b3313970c-200wi "Wmg")](http://hypebot.typepad.com/.a/6a00d83451b36c69e201b8d19b3313970c-popup?ref=hypebot.com)Total revenue grew 2.4%, up 11.1% on a constant-currency basis
- Digital revenue grew 18.0%, up 25.2% on a constant-currency basis
- OIBDA was $137 million versus $102 million in the prior-year quarter
- Net income was $28 million versus a net loss of $41 million in the prior-year quarter
- [More details](http://news.sys-con.com/node/3664207?ref=hypebot.com)

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