NEW YORK (CelebrityAccess) — Warner Music Group had a solid third quarter, according to figures published in their latest earnings report, released on Thursday.
The label group saw digital revenue in the quarter of $45 million, a 21% increase over the same period in 2015. Overall revenue for Warners was up by 14% and the company's adjusted operating income was up by 38% for the quarter.
While much improved, overall, the label was still in the red for the quarter, with an adjusted net loss of $16 million. While still a loss, this is a marked improvement over the 3rd quarter in 2015 when the WMG reported adjusted losses of $60 million.
“Five years after Access Industries’ acquisition of Warner Music Group, the company is growing revenue, OIBDA and market share,” said Stephen Cooper, Warner Music Group’s CEO. “Our results underscore this momentum, driven by exceptional music from our artists and songwriters, our expanded global reach and strong leadership from our team around the world. With our recorded music streaming revenue now approaching double the size of our download revenue, and still growing fast, we are on course for another excellent year.”
“Our cash flow has been strong,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “As a result, we have continued to make strides optimizing our capital structure, paying down $175 million in debt so far this year and successfully refinancing a portion of our term loan.” – Staff Writers