Business
Warner Music Group Corp. Reports Results for Fiscal Second Quarter Ended March 31, 2023
Financial Highlights Underlying Growth in Recorded Music Streaming Revenue Despite a Challenged Macroeconomic EnvironmentContinued Momentum in Music
About this update from Warner Music Group Corp.
[{"type":"text","content":"Financial Highlights Underlying Growth in Recorded Music Streaming Revenue Despite a Challenged Macroeconomic EnvironmentContinued Momentum in Music Publishing Drives Double-Digit Revenue GrowthAdjusted OIBDA Growth and Margin Improvement Underpinned by Financial DisciplineCost Savings to be Reinvested in Tech-Focused Initiatives and Expertise to Drive Long-Term Growth For the three months ended March 31, 2023 Total revenue increased 2% or 5% in constant currencyDigital revenue increased 1% or 4% in constant currencyNet income was $37 million versus $92 million in the prior-year quarterOIBDA decreased 19% to $207 million versus $255 million in the prior-year quarter or 16% in constant currencyAdjusted OIBDA increased 4% to $286 million versus $274 million in the prior-year quarter or 8% in constant currencyCash from operating activities decreased 114% to a use of $6 million versus a source of $44 million in the prior-year quarter NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Warner Music Group Corp. today announced its second-quarter financial results for the period ended March 31, 2023. “With continued momentum in music publishing, and a more robust schedule that includes the return of worldwide superstars and new artists breaking globally, we are optimistic about the second half of the year,” said Robert Kyncl, CEO, Warner Music Group. “As the music ecosystem continues to morph, and the use cases multiply, it only increases conviction in our tech-enabled strategy. In a highly proactive, fiscally responsible way, we're investing in the artists, songwriters, team, and technology that will deliver continued growth and long-term success.” “While macroeconomic, currency, and release slate headwinds continued to impact our revenue this quarter, our fiscal discipline enabled us to deliver solid Adjusted OIBDA growth and margin expansion,” said Eric Levin, CFO, Warner Music Group. “As we look to the future, we'll combine A&R and marketing excellence with tech innovation to achieve greater efficiency, scale, and growth.” Total WMG Total WMG Summary Results (dollars in millions) For the Three Months Ended March 31, 2023 For the Three Months Ended March 31, 2022 % Change For the Six Months Ended March 31, 2023 For the Six Months Ended March 31, 2022 % Change (unaudited) (unaudited) (unaudited) (unaudited) Revenue$1,399 $1,376 2% $2,887 $2,9...