Warner Music Group has published its latest quarterly financial results, which reveal that the company’s revenues grew by 15.1% year-on-year.
That was just over $1.2bn in the fourth quarter of 2018 (WMG’s fiscal Q1). Of that, digital revenues grew by 17.6% to $627m, with the company reporting an operating profit of $147m and a net profit of $86m for the quarter.
Within all this, WMG’s recorded-music revenues grew by 15.2% to $1.04bn, while publishing revenues grew by 15.4% to $165m. CFO Eric Levin said that the results were “evidence that our long-term strategy is paying off”.
WMG’s fiscal year ends on 30 September, but its latest financials mean we have numbers for the calendar year 2018. The company generated revenues of $4.16bn in 2018 including $3.5bn from recorded music and $675m from publishing.
That’s year-on-year growth of 12.4% for overall annual revenues, with rises of 11.8% for recorded music and 14.2% for publishing. In 2018, 56.4% of WMG’s revenues came from digital: a slight rise from 55.8% in 2017.
WMG will be holding a conference call with analysts this afternoon to talk more about the past quarter. We’ll update this story with quotes and figures later, accordingly.
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