WMG Q3 digital revenues up 28% year-on-year

Warner Music Group has released its latest set of financial results, revealing digital revenues of $167 million in the third quarter of this year – up 28% compared to Q3 2007. Metallica, Kid Rock and T.I. were the big hits of the quarter album-wise.Digital accounted for 19.6% of WMG's overall revenues of $854 million for the quarter – with those overall revenues down 1.5% year-on-year, although 5.2% down on a constant currency basis. The company also broke out revenues for its full financial year running from October 2007 to September 2008 – digital revenues grew 39% to $639 million in that time period.CEO Edgar Bronfman is bullish on the company's performance. “WMG had a strong year, outperforming the industry, and sustaining revenue and OIBDA over the fiscal year, despite the challenging global recorded music and broader financial environments. We remain confident in our ability to execute on our long-term goals, given that we continue to advance our strategy to lead the industry transformation by pursuing innovative business models, diversifying revenue streams and investing in A&R.”(via Billboard)