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
XAPPmedia, jâcapps Announce Partnership
Westwood One Ups Paul O’Malley To SVP Strategic Sales Partnerships
Entercom Rochester Promotes Emily Wild to Music Director/PM Drive At WPXY
SoundExchange Wraps Record-Setting Year With $773 Million In Payments To Recording Artists, Record Labels
WRWM-FM Introduces New Classic Hip Hop In Indianapolis
Sunday Night Slow Jams Heads to San Antonio, Cyprus and 12 New Affiliates
In Brief - January 28, 2015
January 27, 2015
Triton Digital, eXelate Develop First Streaming Audio Data Management Platform
SiriusXM Announces Sports And Entertainment Programming For Super Bowl Week
XL106.7/Orlando's Johnny Magic Gets His Revenge
In Brief - Jaunary 27, 2015
January 26, 2015
Joe Clair Returns To WPGC For Mornings
CBS Sports Radio To Broadcast Nearly 50 Hours Of Super Bowl Coverage
In Brief - January 26, 2015
January 23, 2015
eQB NOW
Tommy Chuck Named Program Director of WIHT/Washington, D.C. & WPOC/Baltimore
iHeartRadio Surpasses 60 Million Registered Users
SFX Entertainment Names New President & COO
Third Music Industry Reunion Planned For Los Angeles
In Brief - January 23, 2015
January 22, 2015
Edgar "Shoboy" Sotelo Joins WBMP/New York For Mornings
Rdio Launches In 24 New International Markets
Shazam Announces $30 Million Investment At $1 Billion Valuation
iHeartMedia Celebrates Valentine's With "iHeartRadio Ultimate Valentine's Escape"
In Brief - January 22, 2015
January 21, 2015
Music News
Fall Out Boy Earns Third Chart-Topper
Quick Hits: Lady Gaga & Tony Bennett, Blink-182, Juno Awards / MAGIC!, Airbourne
Barker, Hoppus Talk Status Of Blink-182
Quick Hits: Sam Smith / Tom Petty, Chris Brown, John Legend & Common, Forecastle Festival
Slipknot Prepares For Summer's Last Stand
ThinkSay Records Signs Recording Artist Matt White
Quick Hits: Blink-182, Faith No More, Death Cab For Cutie, U2, Jason Mraz, AWOLNATION
Paramore Announce Spring Theater "Events"
Quick Hits: Kanye West, The Black Keys, Rush, Nick Jonas
BET Honors Usher, Kanye West
Quick Hits: Ariana Grande, TLC, Art Of Anarchy, Rob Zombie, Aerosmith, Rocklahoma
Meghan Trainor's Title Debuts At #1
LL Cool J Returning As Grammy Host
Quick Hits: The Grammys, Gwen Stefani, Pharrell, Linkin Park, Interpol, David Byrne
Madonna Bares Her Rebel Heart
FMQB NOW

Alicia Tyler, PD
WZNE/Rochester

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!