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: 4/20-4/24
iHeartRadio Now Available On The Apple Watch
CÜR Media Names Jay Clark Chief Content Officer
CBS Radio Stations Awarded With 21 Regional Edward R. Murrow Awards
In Brief - April 24, 2015
April 23, 2015
Warner Bros. Promotes Rob Goldklang To SVP/Alternative Promotion
CBS Radio Houston Names Charese Fruge VP/Programming And Operations Manager
Cat Thomas Named VP/Programming, CBS Radio Las Vegas
CBS Radio Las Vegas Names New PDs At KLUC & KMXB
iHeartMedia's First-Ever Soundfront
Pandora Reports Q1 2015 Financial Results
In Brief - April 23, 2015
April 22, 2015
Nielsen Reports Solid First Quarter
Shazam For Radio Adds David De Busk
KIIS FM Announces Wango Tango Pre-Show Performers
In Brief - April 22, 2015
April 21, 2015
Linda Little Named Market President For iHeartMedia Phoenix
iHeartRadio Now Available On Xbox One
Impact Radio Group Ups Garfield To PD at KWYD/Boise
Clip Interactive Activates FM Chip Listening On Additional Devices
In Brief - April 21, 2015
April 20, 2015
Scott Hopeck Named President of iHeartMedia New York
Tim Leiweke And Roger Faxon To Join Pandora Board of Directors
TuneIn Launches On Apple Watch And Apple CarPlay
In Brief - April 20, 2015
Music News
Black Keys' Dan Auerbach Announces New Solo Project
The Week In Review: 4/20-4/24
Quick Hits: Grateful Dead / John Mayer, Saturday Night Live, Frank Ocean, System Of A Down
Quick Hits: Lady Gaga, Estelle, MusiCares MAP Fund benefit concert, Hard Summer Festival, Faith No More, The Ting Tings
Teen Vine Star Shawn Mendes Tops Billboard 200
Quick Hits: Britney Spears & Iggy Azalea, The Grateful Dead, Ed Sheeran, R.E.M., The Smashing Pumpkins, Pitchfork Music Festival, Musicfest NW
Charli XCX, Bleachers Plot Eclectic Tour
Quick Hits: Billboard Music Awards, Walk Off the Earth, Miami Concert Series, Louis Tomlinson, Neil Young, AC/DC, Mötley Crüe
Green Day, Ringo & More Inducted Into The Rock Hall Of Fame
Muse Plans Drones Live Events
Quick Hits: iHeartRadio Summer Pool Party, Hozier, Panic! At The Disco, Foo Fighters, Neil Young / WayHome Music and Arts Festival
Quick Hits: Giorgio Moroder / Britney Spears, Green Day, Black Sabbath, Deftones & Incubus
The Week In Review: 4/13-4/17
FEATURED MUSIC NEWS CONTENT
FMQB Retro-Active: Aerosmith's Joey Kramer Talks Donington DVD, The Beatles, and Rockin and Roastin Coffee
FMQB NOW

Rick Cummings
Emmis Pres.
of Programming

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!