Warner Music Group has just released their first quarter financials and 2018 has been good to the music conglomerate so far. For the first time in 10 years, quarterly revenue has exceeded $1 Billion USD.
Steve Cooper, WMG’s CEO said “Streaming is driving the industry and we continue to outperform thanks to fantastic new music and the strength of our worldwide operating team.” He also added “Our cash flow is strong and we are committed to maintaining our momentum.”
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Atlantic Records – home to soaring acts like Cardi B – is owned by Warner Music Group. So you know they’ve been making some of the right moves in recent years. Cardi B’s “Bodak Yellow” was a breakout smash success that earned her a Grammy nod (although no award, unfortunately) and Cardi’s star power continues to rise.
According to HypeBot, the key hightlights of the new financial data are as follows:
- Total revenue grew 14.0% or was up 10.1% in constant currency
- Digital revenue grew 20.0% or was up 17.1% in constant currency
- Net income was $5 million versus $24 million in the prior-year quarter
- OIBDA was $155 million versus $157 million in the prior-year quarter