NEW YORK (Hypebot) – Warner Music Group reported 21% growth in digital for the last quarter on Thursday, as losses narrowed to $3 million from $23 million in the same quarter last year. Net income for the full year was $30 million versus a net loss of $88 million in the prior year.
Warner Music Group financial report highlights for Q4 and the full year ending September 30, 2016:
“We’ve had another excellent year, in which we posted strong financial results and outperformed the industry,” said Steve Cooper, Warner Music Group’s CEO. “This fiscal year marked our highest total revenue in eight years and our highest OIBDA in a decade. We’re creating great momentum by investing in a flow of fantastic new music, expanding our presence around the globe and embracing new business models early."