NEW YORK (Hypebot) – I'm so used to reporting how much major label groups lose each quarter, that I had to read these results several times before believing them: Warner Music Group reported a substantial profit in the first quarter of this fiscal year. after losing $41 million in the same quarter last year.
"We delivered another strong quarter, thanks to great music from our artists and excellent execution from our worldwide team," said Stephen Cooper, Warner Music Group's CEO, while announcing the world's 3rd largest music group's financial results for the quarter ending December 31, 2015."Subscription streaming is a major driver of our growth and streaming revenue remains on a trajectory to become our largest revenue source."
“We achieved robust growth in revenue, OIBDA, margin and cash flow,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “I am also pleased with our recently announced plans to redeem $50 million of our senior notes with cash on hand, which will further strengthen our balance sheet.”