Warner Music Group reported solid growth across multiple metrics in the fourth fiscal quarter ending September 30, 2017. But net losses for the quarter grew to $38 million versus $3 million in the prior-year quarter. Much of the loss came from falling recorded music operating income of $14 million, down from $47 million in the prior-year quarter.
“We’ve now had five consecutive years of global revenue growth in constant currency, and the last two were up double digits,” said Steve Cooper, Warner Music Group’s CEO. “Our momentum reflects the tremendous talent and appeal of our artists and songwriters, and the strength of our worldwide operating team. Investing to maintain our growth will remain a priority into 2018 and beyond.”
A new leadership team will take over many portions of WMG in the coming weeks.
Q4 Highlights:
- Total revenue for the full year grew 10.2% or was up 11.5% in constant currency
- Digital revenue for the full year grew 24.7% or was up 26.0% in constant currency
- Net income for the full year was $149 million versus $30 million in the prior year
- OIBDA for the full year was $473 million versus $507 million in the prior year
- Total revenue for the quarter grew 9.0% or was up 7.6% in constant currency
- Digital revenue for the quarter grew 19.8% or was up 18.6% in constant currency
- Net loss for the quarter was $38 million versus $3 million in the prior-year quarter
- OIBDA for the quarter was $60 million versus $123 million in the prior-year quarter
“Our momentum is solid and sustainable,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. We continue to drive revenue growth, and turn it into cash, ending the year with $647 million on the balance sheet – the highest level ever in our history of being a standalone company.”