Warner Music Group has announced its Q2 financial results for the period ended March 31, 2018. Driven by streaming. total revenue grew 10.4%, and losses at the world's third largest music group fell dramatically.
WMG Q2 2018 Highlights
Total revenue grew 16.7% or was up 10.4% in constant currency
Digital revenue grew 24.6% or was up 19.7% in constant currency
Net loss was $1 million versus net income of $20 million in the prior-year quarter
OIBDA was $152 million versus $141 million in the prior-year quarter
"We're having another excellent year with strong momentum around the world in both Recorded Music and Music Publishing," said Steve Cooper, Warner Music Group's CEO. "We're investing heavily in A&R, digital innovation and the transformation of our operations to ensure that we are positioned for long-term success."
"We showed strong revenue and OIBDA growth in our second quarter," added Eric Levin, Warner Music Group's Executive Vice President and CFO. "This is our eleventh consecutive quarter of year-over-year revenue growth and we're proud of our ability to deliver robust results on a consistent basis."