Warner Music Group Posts Biggest Revenues In Over 14 Years

Posted on Posted in CASHBOX General Update, CASHBOX Industry News, CASHBOX Music

The above figures contain both Warner’s recorded music and music publishing divisions

Warner Music Group has just posted $917M in revenues for the three months ending June 30, according to Music Business Worldwide.

That represented the company’s biggest fiscal Q3 since before WMG was acquired by a group of investors led by Edgar Bronfman Jr for $2.6B in late 2003.

Not only that: it was a whopping 41% up on the equivalent quarter in 2012 – Warner’s first full Q3 after Len Blavatnik’s Access Industries bought the firm for $3.3B in 2011.

What’s more, this performance was actually slightly dragged down by currency rates: WMG revenues grew 13.1% year-on-year, or 15.5% at constant currency.

Total digital revenues were up 30% to $496M – claiming 54.1% of overall sales.

“Our momentum continues with our eighth consecutive quarter of revenue growth – the last seven of which were up double digits,” said Steve Cooper, Warner Music Group’s CEO.

“Our artists and songwriters are creating great music and our team is outperforming in a growing industry.”

The reason for Warner’s growth in its Q3 was, predictably enough, streaming

The likes of Spotify generated $360m in  quarterly recorded music revenues, up 58.6% year-on-year.

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