×

Warner Music Group Earnings: Total Revenue Tops $1 Billion in Q2

Thanks to popular releases by Cardi B, Ed Sheeran, Meek Mill, K-Pop group TWICE and the unstoppable “The Greatest Showman” soundtrack, Warner Music Group is having a strong Q2.

For the quarter ending on March 31, the company announced a 13.2% increase in total revenue to $1.09 billion, up from $960 million during the same quarter in the previous year. Net income was $67 million compared to a net loss of $1 million in the prior-year quarter.  Operating income was $122 million, compared to $83 million the prior year. OIBDA was $191 million, up 25.7% from $152 million in the prior-year quarter.

WMG’s recorded-music operation was up 67.5% to $134 million from $80 million in Q2 the prior year. Of that, streaming revenues grew 29.4% over a year ago to $537 million. More than half of the company’s recorded-music revenues how come from streaming, contributing to digital revenue’s 60.6% share of total revenue.

Publishing, however, saw a small decline — to the tune of $16 million or 9.2 percent. Warner/Chappell saw lower activity in synchs, according to the report, and was also impacted by lower performance and mechanical revenue due to the ongoing shift to streaming as well as less of admin rights of certain catalogs, which the report does not specify.

Looking at the prior six months, the picture is a little rosier, with modest gains on the publishing side.

“Our second-quarter results were strong,” said Warner Music Group CEO Steve Cooper. “Our sustained investment in our artists and songwriters, our artist services business and our world-class operators, are delivering great results.”

Added Eric Levin, Warner Music Group’s executive vice president and CFO: “Revenue and OIBDA were both up double-digits. Our cash position remains strong, with $470 million on the balance sheet at quarter-end.”

More Music

  • Harvey Mason Jr.., Chair of the

    Interim Grammy Chief Slams Deborah Dugan in Letter; Warns of ‘Misinformation,' 'Leaks'

    As the war of words between the Recording Academy and ousted president/CEO Deborah Dugan continues to escalate, interim boss Harvey Mason Jr. today issued a statement to the Academy’s membership about Dugan’s alleged misconduct and warned about “leaks and misinformation.” The letter claims that Dugan’s attorney Bryan Freedman sought “millions of dollars” for his client [...]

  • Mac Miller, Ariana GrandeAriana Grande in

    Mac Miller Producer 'Believes' That's Ariana Grande's Voice on New Album

    Since Mac Miller’s posthumous album, “Circles,” came out Friday, many fans have been convinced they heard Ariana Grande’s voice on the track “I Can See.” The late rapper’s reps responded to queries with a “no comment.” Now, his ex-girlfriend’s vocal cameo has been confirmed — or equivocally confirmed, at least — by the record’s producer, [...]

  • Mura Masa’s 'R.Y.C.': Album Review

    Mura Masa’s 'R.Y.C.': Album Review

    With his 2017 self-titled debut album, Mura Masa — a.k.a. 23-year-old Channel Islands spawn Alex Crossan — was nominated for two Grammys, including Best Dance Album, and later won one for his remix of Haim’s “Walking Away.” Guests on the album ranged from A$AP Rocky and Charli XCX to Blur/Gorillaz frontman Damon Albarn and Desiigner. [...]

  • Recording Academy President/CEO Deborah Dugan participates

    Executive Assistant Preparing Lawsuit Against Ousted Grammy Chief

    In the latest twist in the increasingly bitter exit of Deborah Dugan from the Recording Academy after just five months, the ousted president/CEO is about to face a lawsuit from her former assistant, Claudine Little, who has retained former Harvey Weinstein/ Charlie Walk attorney Patty Glaser to represent her, two sources tell Variety. The news was [...]

  • Curb Your Enthusiasm

    'Curb Your Enthusiasm' Music: How the Italian Tuba March Found Its Way to Larry David

    When “Curb Your Enthusiasm” returns for its much-anticipated 10th season it does so with it a musical theme that’s a prime example of recognizable sonic branding and has become synonymous with comedy in our complicated times: “Frolic” by composer Luciano Michelini. But surprisingly, this comic march for tuba, mandolin and piano wasn’t specifically written for [...]

  • Kacey Musgraves, from left, Reba McEntire,

    How a Twitter Joke About Women on Country Radio Reignited a Firestorm (Column)

    Do you remember the classic Bee Gees song that goes, “I started a joke… that started the whole world crying”? (It’s okay if you don’t.) That’s how I felt this week after realizing that a sarcastic tweet I’d typed out in a half-minute at a stoplight led to a social media firestorm, then a tempest of [...]

  • Tanya Tucker and Brandi Carlile backstageAmericana

    Tanya Tucker and Brandi Carlile Set as Dynamic Duo for Grammys

    Country legend Tanya Tucker and her producer, Brandi Carlile, will perform together on the Grammys  in one week, both singers announced on their respective social media accounts Sunday. Wrote Carlile: “Let’s. do. this.” (One of the first responses on Carlile’s Instagram came from a fellow Seattle musician, Soundgarden’s Matt Cameron: “Hell yes!”) “I wanted you [...]

More From Our Brands

Access exclusive content