Warner Music Group (WMG) has reported a 9% increase in revenue in the third quarter, surpassing expectations. The rise in revenue was mainly driven by a strong lineup of music releases, including albums from popular artists such as Ed Sheeran, Linkin Park, and Melanie Martinez. The company's recorded music revenue also saw a significant increase of nearly 8%. WMG's CEO, Charlie Puth, expressed optimism about the future, stating that the company is gaining traction and expects continued strength as price increases from streaming platforms like Spotify and YouTube start to impact their financials.
“Our results show we’re gaining real traction,” Kyncl said, adding that as price increases from Spotify, YouTube and others filter in to WMG’s financials this quarter, the company can expect continued strength.
“We see these initial price increases as an encouraging start,” Kyncl said. “There’s no evidence that the services are experiencing elevated levels of customer churn. We believe the market will bear further price increases in the future, and we’re expecting that they’ll arrive on a more regular cadence than in the past.The growth in music publishing revenues was driven by a 26.4% uptick in digital revenue and 27.
WMG prefers to use operating income before depreciation and amortization as a metric to assess its overal business health, and OIBDA increased 18% to $275 million in the quarter compaired to $233 million a year ago. Adjusted OIBDA rose 16% to $297 million from $255 million a year ago.Total revenue rose 9% to $1.56 billion for the second quarter 2023, from $1.43 billion in the same quarter 2022.
Net profit, or net income, was flat at $124 million this quarter compared to $125 million in the year ago quarter.Streaming revenue rose 9.5%Music publishing revenue rose 16% to $283 million from $245 million in the year ago quarter.OIBDA was up 18% to $275 million compared to $233 million in the year ago quarter, with OIBIDA margin of 17.6%, up from 16.3%.
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