LOS ANGELES (CelebrityAccess) — Warner Music Group Corp. today announced its that revenue for 2018 was up by more than 13% over last year and the label giant more than doubled its net income for 2018.
According to WMG’s latest financial filings, released on Thursday, net income for the label was $312 million versus $149 million in the prior year.
At the same time, total revenue for the full year grew 12.0% or 9.2% when adjusted for constant currency, while revenue for digital, the company’s primary driver now, grew by 20.4% or 18.5% in constant currency for the full year.
“We’ve had another terrific year and revenue exceeded $4 billion for the first time in our fifteen-year history as a standalone company,” said Steve Cooper, Warner Music Group’s CEO. “We continue to invest in our business for the benefit of our recording artists and songwriters and to fuel our long-term growth.”
“The fact that we ended the year with over $500 million in cash, despite significant spend on A&R, marketing, M&A and dividends, is evidence of the underlying strength of our business,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “We’re on a great run and I’m looking forward to many more years of success.”
For the label’s fourth quarter, WMG pared losses to its net revenue from $38 million in Q4 2017 to $13 million for the same period in 2018. Digital revenue for the quarter grew 21.4% or 23.1%, and total revenue grew revenue for the quarter grew 13.3% or 14.8% in constant currency year-over-year.
WMG attributed the shortfall in income to restructuring costs and costs associated with the relocation of its shared service center to Nashville and consolidation in its Los Angeles offices.
Warner also reported that Recorded Music revenue rose 11.3% for the quarter, with operating income of $307 million, up from $283 million in the prior year. Music Publishing was up by 15.7% in Q4 over the previous year, representing an operating income of $39 million for the quarter.