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Warner Music Group Revenue Up 3.3% In Fiscal 2013
December 12, 2013

Warner Music Group has announced its fiscal full-year and fourth quarter results, with revenue up 3.3 percent for the full year and up 4.5 percent in Q4. The growth was attributed in part to the acquisition of Parlophone Label Group.

In WMG's fiscal fourth quarter, revenue reached $764 million, up 4.5 percent from $731 million a year earlier. Digital revenue saw a 17 percent jump to $283 million. For the company's entire fiscal year, revenue grew 3.3 percent to $2.87 billion from $2.78 billion the year before. Digital revenue was up 16 percent to $1.076 billion.

The Recorded Music division saw a six percent jump in revenue in Q4 to $644 million, with digital revenue up 18 percent to $262 million. Top sellers in the fiscal fourth quarter included Superfly, Bruno Mars, Avenged Sevenfold, Birdy and Blake Shelton.

For the full fiscal year, Recorded Music revenue grew five percent to $2.389 billion, while digital revenue jumped by 15 percent to $997 million. Some of WMG's best selling releases came from Bruno Mars, Led Zeppelin, Michael Bublé, fun. and Ed Sheeran.

Warner Music's Publishing division took a hit though, as fiscal Q4 revenue fell five percent to $126 million, with a three percent decline for the full year to $503 million.

"This was a year of significant accomplishment at Warner Music Group," said WMG CEO Stephen Cooper. "We intensified our focus on signing and developing extraordinary artists, we executed well on our digital strategy and we acquired and have been successfully integrating Parlophone Label Group."
"We also significantly improved our financial flexibility over the course of the fiscal year. Even as we increased our borrowings in order to finance the acquisition of Parlophone Label Group, we lowered our annual interest expense through debt repayments and refinancings of our debt," added Brian Roberts, WMG EVP/CFO.

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