NEW YORK (CelebrityAccess) — Warner Music Group posted one if its best quarters in years when they announced their Q3 results on Tuesday. Revenue at the label giant grew $13.1% to $917 million, driven by digital revenue of $496 million, up more than 30% over the same period in 2016.
Net income also spiked upwards, with WMG report profits of $143 million as compared to a loss of $7 million in the same period in 2016. At the same time, Operating Income Before Depreciation and Amortization (OIBDA) slid slightly in the quarter, dropping to $115 million versus $120 million in Q3 2016. The company attributed the shortfall to higher variable compensation expense and higher A&R investment.
Revenue for WMG's recorded music division was $770 million, up 13% from the year before, while digital revenue rose to $445 million, a 30% improvement over 2016, bolstered by major hits by Ed Sheeran, Bruno Mars, and Gorillaz.
“Our momentum continues with our eighth consecutive quarter of revenue growth – the last seven of which were up double digits,” said Steve Cooper, Warner Music Group’s CEO. “Our artists and songwriters are creating great music and our team is outperforming in a growing industry.”
“I’m proud of our team for delivering such strong results, particularly against difficult comparisons in the prior-year quarter,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “I’m confident that 2017 will be another strong year.”