Warner Music Group Corp. announced its first-quarter financial results for the period ended December 31, 2018.
Total revenue grew 15.1% or was up 17.8% in constant currency. Digital revenue grew 17.6% or was up 19.9% in constant currency. Net income was $86 million versus $5 million in the prior-year quarter. OIBDA was $215 million versus $155 million in the prior-year quarter
“I’m pleased that we are off to a great start for fiscal ‘19,” said Steve Cooper, Warner Music Group’s CEO. “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.”
“Our first-quarter results are evidence that our long-term strategy is paying off,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “Our Recorded Music business alone exceeded $1 billion in revenue, and we also had strong OIBDA and cash flow.”