WMG Reports Strong Earnings: Streaming Revenue Equals 2X Physical, 3X Downloads
Days after signing a difficult deal with YouTube, Warner Music Group Corp. has announced its second quarter financial results for the period ended March 31, 2017. “We had another excellent quarter, with double-digit growth in both the current and prior-year quarters,” said Steve Cooper, Warner Music Group’s CEO.
“Our streaming revenue is now double that of physical and triple that of downloads,” Ross continued. “An improved industry environment is helping, but we continue to outperform our competition due to fantastic new music and outstanding execution by our operators around the world.”
- Total revenue grew 10.7% or was up 12.7% in constant currency
- Digital revenue grew 21.9% or was up 23.3% in constant currency
- Net income was $20 million versus $12 million in the prior-year quarter
- OIBDA was $141 million versus $127 million in the prior-year quarter
Read the full report here.