Warner Music Group Corp. Financial Results
* Total revenue grew 9.4% or was up 13.1% in constant currency for the full year
* Digital revenue grew 21.0% or was up 24.3% in constant currency for the full year
* Net income for the full year was $30 million versus a net loss of $88 million in the prior year
* OIBDA for the full year was $507 million versus $436 million in the prior year
* Total revenue grew 12.1% or was up 13.2% in constant currency for the quarter
* Digital revenue grew 23.1% or was up 24.6% in constant currency for the quarter
* Net loss for the quarter was $3 million versus $23 million in the prior-year quarter
* OIBDA for the quarter was $123 million versus $113 million in the prior-year quarter
Warner Music Group Corp. announced its fourth-quarter and full-year financial results for the period ended September 30, 2016.
“We’ve had another excellent year, in which we posted strong financial results and outperformed the industry,” said Steve Cooper, Warner Music Group’s CEO. “This fiscal year marked our highest total revenue in eight years and our highest OIBDA in a decade. We’re creating great momentum by investing in a flow of fantastic new music, expanding our presence around the globe and embracing new business models early. Given our extraordinary roster of recording artists and songwriters and the strength of our operators around the world, we’re excited by the possibilities in 2017 and beyond.”
“Our formula for financial success is working,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “This year we generated strong cash flow which enabled us to further optimize our capital structure by paying down and refinancing our debt and we plan to continue along this path.”
Source: Warner Music Group Corp.
