Warner Music Group Corp. today announced its fourth-quarter and full-year financial results for the periods ended September 30, 2019.
Total revenue for the full year grew 11.7% or 14.7% in constant currency. Digital revenue for the full year grew 15.9% or 18.7% in constant currency. Net income for the full year was $258 million versus $312 million in the prior year. OIBDA for the full year was $625 million versus $478 million in the prior year. Total revenue for the quarter grew 8.2% or 10.4% in constant currency. Digital revenue for the quarter grew 13.1% or 15.0% in constant currency. Net income for the quarter was $91 million versus a loss of $13 million in the prior-year quarter. OIBDA for the quarter was $95 million versus $72 million in the prior-year quarter
“We are passionate champions for our recording artists and songwriters and work tirelessly to help them build long-term global careers,” said Steve Cooper, Warner Music Group’s CEO. “Their talent and our focus and dedication made for an excellent fiscal year, and we’re excited by the multitude of growth opportunities which lie ahead in 2020 and beyond.”
“Our revenue and OIBDA performance was strong,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “With $619 million on our balance sheet at year-end, the cash generating power of our business has never been clearer.”
