Warner Music Revenue Down Slightly In Fiscal Q1
February 14, 2013

Warner Music Group has released its results for the company's fiscal first quarter, which ended December 31, 2012. For the quarter, revenue fell by 0.8 percent to $769 million, down from $775 million a year earlier. However, revenue grew 0.3 percent in constant currency. Digital revenue was up 16 percent from $219 million to $255 million. Operating income grew by 31 percent to $51 million.

WMG notes that "Despite a difficult year-over-year comparison resulting from strong physical sales of Michael Bublé’s Christmas in the prior-year quarter, the company’s stable revenue results reflect solid digital revenue growth in both Recorded Music and Music Publishing, as well as growth in Recorded Music licensing revenue, offset by a decline in physical sales and non-digital Music Publishing revenue." Additionally, digital revenue represented 33.2 percent of total revenue for the quarter, compared to 28.3 percent a year ago. 

WMG took an $80 million net loss in the quarter, which reflects the impact of an $83 million loss on the extinguishment of debt in connection with the company’s November 2012 refinancing of certain indebtedness.

Recorded music revenue was essentially flat in the quarter, at $657 million, with digital revenue up 16 percent to $237 million. Top sellers in Q1 included Led Zeppelin, Bruno Mars, Michael Bublé, Johnny Hallyday and the Génération Goldman tribute album. On the publishing side, revenue fell four percent to $116 million while digital revenue grew 27 percent to $19 million.

"We are pleased with the start we’ve had to our fiscal year," said WMG CEO Stephen Cooper. "We continue to make progress throughout our organization, while maintaining our focus on long-term artist development, innovation and growth and carefully managing costs."
 
"Digital revenue, OIBDA and OIBDA margin all showed solid growth," added EVP/CFO Brian Roberts. "Even with $132 million in cash outflows in the quarter associated with our refinancing, we had $189 million of cash on our balance sheet as of December 31, 2012."




 
Breaking News
Taylor Swift, Coldplay & More To Headline 2014 iHeartRadio Music Festival
CC Media Holdings Reports 1% Revenue Increase In Q2
CBS LOCAL Personalizes Event Discovery, Content Delivery With Agreement To Acquire Eventful
Jacobs Media's 6th Annual Public Radio Tech Survey Released
In Brief - July 23, 2014
FMQB FYI... Links You Should Know About
July 22, 2014
Clear Channel's iHeartRadio Partners With AdsWizz
Nielsen, Pointlogic Forge Strategic Alliance To Develop Next-Gen Media Planning Solutions
Pandora Hires Lars Murray As VP Of Industry Relations
In Brief - July 22, 2014
July 21, 2014
Evolve Music Group Signs Worldwide Agreement With Capitol Music Group
Second Annual KBA WKU Radio Talent Institute Underway
2014 Conclave Learning Conference Dates Announced
In Brief - July 21, 2014
July 18, 2014
Hubbard Radio Elevates Drew Horowitz To President/COO
The Week In Review: 7/14-7/18
CCM+E Names Jeff Davis OM For Greenville & Asheville Markets
Tony Cortez Upped to APD At KTFM/San Antonio
In Brief - July 18, 2014
July 17, 2014
Report: Driving Radio's Value With U.S. Auto Buyers
In Brief - July 17, 2014
July 16, 2014
Study: Coleman Insights And knowDigital Find Opportunity For NextRadio
In Brief - July 16, 2014
July 15, 2014
CCM+E Austin Names Jonathan "JR" Reed Program Director For KHFI & KPEZ
Music News
"Weird Al" Yankovic Lands First #1 Album Of His Career
Quick Hits: Hilary Duff, Pharrell & Miley Cyrus, Jack White, Ryan Adams, Mudvayne / Greg Tribbett
Godsmack Unleashes Epic "Generation Day"
Quick Hits: MAGIC!, One Direction, Kimbra, Uncle Kracker, Billy Joel
Weezer Goes "Back To The Shack"
Quick Hits: Avicii, iTunes Festival, Adam Levine, The Script, Demi Lovato, Johnny Marr
Upcoming Maroon 5 Album Features Gwen Stefani Duet
The Week In Review: 7/14-7/18
Quick Hits: Beyonce, Teen Choice Awards, Aaliyah, The Roots
Beyoncé Leads 2014 MTV Video Music Awards
Quick Hits: Bruno Mars, Kanye West & Iggy Azalea, Busta Rhymes, The Smashing Pumpkins, Pearl Jam, Johnny Winter
Sia's 1000 Forms Of Fear Is #1
Quick Hits: The Beatles, Tool, Jason Mraz, David Bowie
Train Announces Bulletproof Picasso
Quick Hits: Drake, Blink-182, Pharrell Williams, Gwen Stefani & Gavin Rossdale, Gerard Way, Cold War Kids, Alex & Sierra, Polaris Music Prize
FMQB NOW

Chase Murphy, PD
KXXM, KQXT/San Antonio

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!