Warner Music Group has reported its financial results for the company’s fiscal third quarter, with net revenue up 6.9 percent vs. a year ago. Revenue reached approximately $1.4 billion in Q3 compared to $1.3 billion last year. Recorded music revenue grew by three percent to $1.2 billion, as digital revenue was up two percent, reaching $245 million. WMG net income was $125 million.
“We delivered solid double-digit growth on a constant-currency basis, even against the backdrop of a slowdown in the advertising market and some one-time items affecting year-over-year comparisons,” said Steve Cooper, Warner Music Group CEO. “In June, we saw the beginning of a new wave of amazing releases and we’re looking forward to a strong end to our fiscal year. Long term, we have the scale to best capitalize on trends in artist development, and the agility and resources to continue to propel the globalization and diversification of our business.”
“Our third-quarter results reflect the inherent resilience of our business that comes from our diverse portfolio of revenue streams,” said Eric Levin, Warner Music Group CFO. “With significant runway ahead in our core streaming business and new growth vectors constantly emerging, we are incredibly bullish on our growth potential for many years to come.”
