Warner Music Group starts fiscal 2019 with growth in digital

Warner Music Group published the financial results for its fiscal first quarter, which it reports as the three-month period ending December 31, 2018. The company posted total revenue up 15.1% on-year to $1.2 billion, with digital revenue increasing 17.6% to $627 million.

The major label’s growth stemmed from positive results for digital, physical and artist services and expanded-rights revenue in its recorded music division. Recorded music generated $1.04 billion in revenue, including $563 billion from digital. The release noted that the company’s digital growth reflected listeners’ trends twoard streaming.

The music publishing division also performed well, with increased revenue for digital, performance, and synchronization revenue. Licensing revenue in recorded music and mechanical revenue in music publishing posted declines.

“I’m pleased that we are off to a great start for fiscal ‘19,” Warner Music Group CEO Steve Cooper said. “We have best in class operators working with amazing music from our extraordinary artists and songwriters across a diverse set of genres, generations and geographies.”

Anna Washenko