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
eQB NOW
The Week In Review: 3/2-3/6
Real 92.3 Names Abdul "DJ A-OH" Hashem APD/On-Air Personality
Charlie Wilkinson Named Market President For iHeartMedia Dallas
WHTP Taps Miguel “Mijo” Irizarry As MD/Night Host
Triton Digital Monthly Ranker Results
Nielsen Report: State of the Media: Audio Today—How America Listens
In Brief - March 6, 2015
March 5, 2015
ASCAP Names Brian Roberts EVP/COO
Mark Abuzzahab Joins VuHaus As PD
Study: The Infinite Dial 2015
More Speakers Added To The Conclave
In Brief - March 5, 2015
March 4, 2015
Verve Music Group Promotes Mike Rittberg To General Manager
More Speakers Added To The Conclave
March 4, 2015
Nielsen Acquires eXelate
iHeartMedia Receives Five Stevie Awards For Sales, Customer Service
Coleman Insights To Host New Music Webinar: When Is A Hit A Hit?
In Brief - March 4, 2015
March 3, 2015
Cumulus Names New Programming Leadership In L.A. And Minneapolis
Republic Records And IM Global Announce Multi-Picture Co-Production Pact
2015 NAB Show To Feature FCC Commissioners
Warner Music Group Names James Steven EVP/Communications & Marketing
Entravision Appoints Maria Lopez-Knowles Chief Marketing Officer
Kane Show, Maroon 5 Show Support For Fan
Rick Krim Tapped As Sony/ATV Co-President, U.S.
Music News
Usher, No Doubt Celebrate Earth Day in D.C.
The Week In Review: 3/2-3/6
Quick Hits: Kanye West, Rihanna, Prince, The Hollywood Vampires, Jack White, Brian Wilson
Quick Hits: Wale, Violent Femmes, David Gilmour, Sweetlife Festival, Rivers Cuomo
Rapper Big Sean Debuts At #1 On Billboard 200
Quick Hits: Shania Twain, BET Experience, Rock In Rio USA, Wilco, Brian Wilson
Kelly Clarkson Takes Piece By Piece On the Road
Quick Hits: Metallica, My Morning Jacket, Flo Rida, Modest Mouse, Led Zeppelin
Madonna Unveils Rebel Heart Tour
Mumford & Sons Get Wilder On Third LP
Quick Hits: Kanye West, Stone Sour, Radio Disney Music Awards, Lollapalooza Berlin, Bestival
All Apologies From Kanye West
The Week In Review: 2/23-2/27
FMQB Retro-Active: Aerosmith's Joey Kramer Talks Donington DVD, The Beatles, and Rockin and Roastin Coffee
Quick Hits: Mumford & Sons, Madonna, Beale Street Music Festival, Tool
FMQB NOW

Lee Leipsner
EVP/Promotion
Columbia Records

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!