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
CMG Tampa Appoints John E. Kage Dir. of Branding & Programming at Hot 101.5 FM
In Brief - November 25, 2015
November 24, 2015
FCC Fines Drawing Scrutiny In Congress
In Brief - November 24, 2015
November 23, 2015
Bill Hess Named OM At Cumulus-Washington, D.C.
In Brief - November 23, 2015
November 20, 2015
Adams Radio Group Of Delmarva Names Jay Gleason Operations Manager
iHeartRadio Presents Adele¹s Album Premiere Live from Joe¹s Pub 
Radio Mercury Awards Announces Advisory Council
November 19, 2015
Westwood One: The State of American Podcasting
Nielsen: Connecting With Political Millennials Through Music
Jacobs Media Webinar: 10 Mega Trends That Impact Radio
November 18, 2015
Republic Records Promotes Ben Adelson To SVP/A&R
Y100’s TC Wins Dancing with the Savannah Stars
Greater Media's Magic 106.7 To Become Boston's Christmas Station
November 17, 2015
Alissa Pollack To Be Honored At T.J. Martell Foundation’s 16th Annual New York Family Day
Cash Money Records Announces Annual Turkey Giveaways in Miami & New Orleans
Amanda "AJ" Malone Joins iHeartMedia/Indianapolis
Jacobs Media Blogs Radio’s Days as a Primary Traffic Source May Be Numbered
November 16, 2015
Pandora to Acquire Key Assets from Rdio
Apple To Close Beats Music
Entercom Adds Ashley O. To Mornings On WSFS/Miami
Music News
Adele Announces European Tour Dates
Quick Hits: Adele, Eagles of Death Metal, Charli XCX, Joe Jonas
Adele's 25 Smashes Sales Record
Quick Hits: Charlie Puth, Coldplay, Jack Ü
Bieber, One Direction Lead Billboard 200 Shakeup
One Direction, The Weeknd Win Multiple AMAs
Rihanna Announces Anti World Tour, Teases New Album
Foo Fighters Release Free EP
Quick Hits: Coldplay, U2, The Cure, Wilco
Chris Martin Talks Influences On New Coldplay Record
Quick Hits: Foo Fighters, Justin Bieber & One Direction, American Music Awards, Paris attacks, Tori Kelly
Adele's 25 Won't Be On Streaming Services
Quick Hits: Kelly Clarkson, Missy Elliott, Jimmy Eat World, Freddie Mercury, Bonnaroo
Zayn Malik Opens Up About One Direction Exit
Quick Hits: Firefly Music Festival, Eagles of Death Metal, Grammy Hall of Fame

Manny Simon
VP/Adult Formats,
Republic Records

Search FMQB.com
FMQB Member Login

Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!