WMG Posts 7% Revenue Increase In 1st Quarter
February 6, 2014

Warner Music Group Corp. announced its first-quarter financial results for the period ended December 31, 2013.

•Revenue grew 7% on a constant-currency basis

•Digital Recorded Music revenue increased 9% on a constant-currency basis 

•Adjusted OIBDA up 7% with growth in both Recorded Music and Music Publishing
 
“There were a number of bright spots this quarter, including strong growth in steaming revenue for our recorded music business and solid performance from our music publishing business,” said Stephen Cooper, Warner Music Group’s CEO. “While we had a light release schedule this quarter, we are enthusiastic about our release schedule for the second half of the fiscal year.”
 
“We maintained our Adjusted OIBDA margin for the overall business this quarter and expanded our Music Publishing OIBDA margin,” added Brian Roberts, Warner Music Group’s Executive Vice President and CFO. “Additionally, we remain on track with our PLG integration plans.”

For the quarter, revenue grew 6.0% (or 6.8% in constant currency), driven by the July 1, 2013 acquisition of Parlophone Label Group (PLG). Excluding PLG revenue, revenue declined 3.6% (or 2.9% in constant currency), due to a lighter release schedule than in the prior-year quarter.

Recorded Music revenue grew 5.2% (or 6.1% in constant currency), due to the acquisition of PLG. Excluding PLG, revenue declined 6.1% (or 5.2% in constant currency) due to the release schedule.  Including PLG, artist services and expanded rights revenue, licensing revenue and digital revenue all grew, but were partially offset by a decline in physical revenue.

Music Publishing revenue grew 10.3% on both an as-reported and constant-currency basis as digital, synchronization, performance and mechanical revenue all grew.  Digital revenue grew 10.5% (or 5.0% in constant currency), due to growth in streaming revenue.  Synchronization revenue was up 18.2% (or 23.8% in constant currency), reflecting growth in many segments in the U.S. including commercials, movies and videogames.  Performance revenue was up 8.5% (or 10.9% in constant currency), and mechanical revenue grew 3.8% on both an as-reported and constant-currency basis, both driven by the timing of collection society distributions.




 
Breaking News
iHeartMedia San Francisco Names Mark Adams PD of KYLD & KIOI
Premiere Networks Promotes Claudine Cazian To VP/Programming & Branded Entertainment
Entercom Names Carlos Lamadrid VP/National Sales, Strategic Partnerships
Pandora Hires Steve Bené As General Counsel
In Brief - October 20, 2014
October 17, 2014
In Brief - October 17, 2014
The Week In Review: 10/13-10/17
October 16, 2014
Michael Jordan Named PD At WAMZ
Dan Chertoff Named VP, A&R, RCA Records
Greater Media Chairman, CEO Peter Smyth Named Among The 2014 Giants of Broadcasting
Joe Cuello Joins TuneCore As Chief Creative Officer
Clip Interactive Reports Milestones In Revenue, MAUs, Engagement For Radio Station Partners
iHeartMedia Wins Gold Award At Healthcare Marketing IMPACT Awards
In Brief - October 16, 2014
October 15, 2014
Gayle Troberman Named iHeartMedia EVP And Chief Marketing Officer
John Geary Appointed Market President For iHeartMedia Sacramento
Sun & Fun Media Partners With Premiere Networks For Ad Sales
TuneCore Pays Artists $32.7 Million In Q3 2014 for Music Distribution, Expands Music Publishing Catalog
In Brief - October 15, 2014
October 14, 2014
Warner Music Group Broadens Senior Management Team
Tribune Media Announces $400 Million Stock Repurchase Program
New Generation Radio Partners With Colbert Media Group
In Brief - October 14, 2014
October 13, 2014
Steve Davis Named VP/Programming, CBS Radio Washington, D.C.
Capitol Music Group Names Ambrosia Healy SVP/Head Of Media Strategy & Relations
Music News
U2 Sits Down For Intimate Radio Special
Quick Hits: Coldplay, Gwen Stefani, Foo Fighters, Dropkick Murphys, Madisen Ward and the Mama Bear
One Direction Reveal Four Tracklist
The Week In Review: 10/13-10/17
Quick Hits: Iggy Azalea, U2, Snoop Dogg / Pharrell, iHeartRadio Fiesta Latina
Pitbull Goes Global In November
Quick Hits: Sam Smith, MTV EMAs, Songwriters Hall of Fame, The Pixies, Fall Out Boy, Bonnaroo
Jason Aldean, Hozier Top Album Sales Chart
Quick Hits: Foo Fighters, Prince, Ariana Grande
Taylor Swift Taps Into the '80s For "Out Of The Woods"
Quick Hits: One Direction, Christina Aguilera / The Voice, Jack White, Kelly Clarkson, T.I., Wilco
Iggy Azalea Leads 2014 AMA Nominees
Quick Hits: Foo Fighters, Soul Train Awards, Iggy Azalea, Noel Gallagher's High Flying Birds, Alicia Keys & David Byrne, Forbes Under 30 Music Festival
THE WHO HITS 50! Tour Set For North America 2015
The Week In Review: 10/6-10/10
FMQB NOW

Chris P, PD
KRQQ & KMIY/Tucson

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!