Warner Music Group Corp. today announced its first-quarter financial results for the period ended December 31, 2017.
“2018 is off to a great start. For three years running, we have grown revenue by double digits in the first quarter, a great testament to the sustainability of our success,” said WMG CEO Steve Cooper. “Streaming is driving the industry and we continue to outperform thanks to fantastic new music and the strength of our worldwide operating team.”
“This marks the first time in over 10 years that our quarterly revenue has exceeded a billion dollars,” added WMG EVP/CFO Eric Levin. “Our cash flow is strong and we are committed to maintaining our momentum.”
Revenue grew 14.0% (or 10.1% in constant currency) to $1.045 billion, up from $917 million a year prior. Digital revenue increased 20 percent to $533 million and operating income slipped by four percent to $90 million.
Recorded Music revenue grew 13.4 percent to $904 million, with digital revenue jumping by 20 percent to $481 million. Major sellers in fiscal Q1 included Ed Sheeran, Bruno Mars, Dua Lipa, Lil Uzi Vert and Liam Gallagher. Music publishing revenue was up 15 percent to $143 million.