Warner Music Group posted a profit of $2m in the quarter ending 31 March with sales of digital product and a strong release schedule being behind the growth.
According to the company’s report, which is a subsidiary of Vivendi SA, this $2m profit compared to a net loss of $36m in the prior-year quarter.
Total revenues increased by eight percent to reach $675m for the three month period compared with the same period last year.
Digital revenue went up by 20 percent from $235m to $281m and represented 41.6 percent of total revenue for the quarter. This proportion rose from 37.7 percent in the same period the previous year.
Stephen Cooper, Warner Music Group’s chief executive officer, said: ‘We recorded an impressive quarter, thanks to great releases from our artists and excellent execution from our operators.
‘These are the results of a very strong release schedule, solid performance from carryover releases and continued financial discipline.’
Further figures from the company showed that recorded music revenue grew 11 percent to $554m. Revenue from music publishing remained flat.
According to the company’s report, which is a subsidiary of Vivendi SA, this $2m profit compared to a net loss of $36m in the prior-year quarter.
Total revenues increased by eight percent to reach $675m for the three month period compared with the same period last year.
Digital revenue went up by 20 percent from $235m to $281m and represented 41.6 percent of total revenue for the quarter. This proportion rose from 37.7 percent in the same period the previous year.
Stephen Cooper, Warner Music Group’s chief executive officer, said: ‘We recorded an impressive quarter, thanks to great releases from our artists and excellent execution from our operators.
‘These are the results of a very strong release schedule, solid performance from carryover releases and continued financial discipline.’
Further figures from the company showed that recorded music revenue grew 11 percent to $554m. Revenue from music publishing remained flat.
