Business
Warner Music Group Corp. Reports Results for Fiscal Second Quarter Ended March 31, 2022
Financial Highlights Double-Digit Revenue Growth Highlighting Strong FundamentalsHealthy Streaming Performance Driven by Growth in Traditional and Emerging
About this update from Warner Music Group Corp.
[{"type":"text","content":"Financial Highlights Double-Digit Revenue Growth Highlighting Strong FundamentalsHealthy Streaming Performance Driven by Growth in Traditional and Emerging Streaming PlatformsStrong Margins Despite Continued Recovery in Lower-Margin Artist Services RevenueContinued Momentum in Music Publishing with Double-Digit Revenue Growth and Margin Improvement For the three months ended March 31, 2022 Total revenue grew 10% or 13% in constant currencyDigital revenue grew 8% or 11% in constant currencyNet income was $92 million versus $117 million in the prior-year quarterOIBDA increased 12% to $255 million versus $228 million in the prior-year quarterAdjusted OIBDA increased 7% to $274 million versus $255 million in the prior-year quarterAdjusted EBITDA increased 5% to $282 million versus $268 million in the prior-year quarter NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) -- Warner Music Group Corp. today announced its second-quarter financial results for the period ended March 31, 2022. “Warner Music Group’s unique combination of scale and agility gives us, our artists, and our songwriters an edge in music’s ever-expanding universe of opportunity. We continue to build our unparalleled artist development expertise, our differentiated approach to global expansion, and our ground-breaking commitment to innovation at the intersection of music, gaming, social and fitness,” said Steve Cooper, CEO, Warner Music Group. “We’re equally excited about the amazing new releases we have lined up for the rest of the year, and the possibilities on the horizon.” “The underlying health and resilience of our business is reflected in the diversified revenue growth that we delivered in the second quarter,” said Eric Levin, CFO, Warner Music Group. “While our core business continues to flourish, new growth vectors are constantly emerging. We look forward to driving value for our shareholders and are well-positioned to capitalize on the robust trends taking place in our industry.” Total WMG Total WMG Summary Results(dollars in millions) For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021 % Change For the Six Months Ended March 31, 2022 For the Six Months Ended March 31, 2021 % Change (unaudited) (unaudited) (unaudited) (unaudited) Revenue$1,376 $1,250 10% $2,990 $2,585 16%Recorded Music revenue 1,147 1,059 8% 2,533 2,220 14%Music Publish...