Warner Music Group Corp. today announced its second-quarter financial results for the period ended March 31, 2018.
Total revenue grew 16.7% or was up 10.4% in constant currency. Digital revenue grew 24.6% or was up 19.7% in constant currency. Net loss was $1 million versus net income of $20 million in the prior-year quarter. OIBDA was $152 million versus $141 million in the prior-year quarter. Recorded Music revenue grew 15.3% (or 9.1% in constant currency). Recorded Music operating income was $80 million up from $69 million. Music Publishing revenue rose 20.0% (or 13.7% in constant currency). Revenue grew in all segments – digital, performance, synchronization and mechanical. Music Publishing operating income was flat at $41 million.
“We’re having another excellent year with strong momentum around the world in both Recorded Music and Music Publishing,” said Steve Cooper, Warner Music Group’s CEO. “We’re investing heavily in A&R, digital innovation and the transformation of our operations to ensure that we are positioned for long-term success.”
“We showed strong revenue and OIBDA growth in our second quarter,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “This is our eleventh consecutive quarter of year-over-year revenue growth and we’re proud of our ability to deliver robust results on a consistent basis.”
