Warner Music Group sees digital grow 15%
1 min readWarner has reported second quarter figures that show digital revenue grew 15% to just under $200m for the period ending March 31 2010.
The move means digital revenue is now just under one third of total revenue, but that slipped slightly – by 1% – to $662m ($671m in the comparative previous year quarter).
Operating income before depreciation and amortization (OIBDA) was up 9% to $87m from $80m in the prior year quarter.
Warner chairman and CEO Edgar Bronfman says, “This quarter provided another example of our ability to generate stable results, even in the face of continued industry-wide pressures and a limited release schedule – delivering growing OIBDA with only moderate revenue declines.
As of March 31 2010, the company reports a cash balance of $383m and total long term debt stands at $1.93bn.
In the company’s divisions, revenue from recorded music declined 0.9% from the prior year quarter to $534m with major sellers in the quarter including Michael Bublé, Christophe Maé, Muse and Paolo Nutini.
Recorded music digital revenue of $189m grew 13.9% over the prior-year quarter with domestic digital revenues amounting to $117m – accounting for 46.8% of total domestic recorded music revenue, compared with 41.0% in the prior-year quarter.
In music publishing revenue declined 1.5% from the prior-year quarter to $134m. Digital revenue from Music Publishing was up 85.7% from the prior year quarter to $13m.
Source: Music Week