Warner Music Group Corp. today announced its second-quarter financial results for the period ended March 31, 2019.
Total revenue grew 13.2% or was up 17.6% in constant currency. Digital revenue grew 20.8% or was up 25.0% in constant currency. Net income was $67 million versus a net loss of $1 million in the prior-year quarter. OIBDA was $191 million, up 25.7% from $152 million in the prior-year quarter.
Recorded Music revenue grew $142 million or 18.0%. Music Publishing revenue declined $16 million or 9.2%.
“Our second-quarter results were strong,” said Steve Cooper, Warner Music Group’s CEO. “Our sustained investment in our artists and songwriters, our artist services business and our world-class operators, are delivering great results.”
“Revenue and OIBDA were both up double-digits,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “Our cash position remains strong, with $470 million on the balance sheet at quarter-end.”
