Warner Music Group has reported its financial results for both its fiscal fourth-quarter and the year ending September 30, 2019, and the news is good.
In terms the fourth quarter, revenue rose 8.2% at the company. They further indicated that recorded digital music growth as well as growth in digital music publishing and artist services were somewhat fset by a fall in revenue from physical sources. Though, this, course, is to be expected.
The company also indicated that digital music revenue in the quarter rose 13.1% and that this represented 60% their total revenue. In comparison, digital music revenue at the company represented 57.4% total revenues in the fourth quarter last year.
Operating income in the quarter also rose sharply, from $16 million in the prior year’s quarter to $29 million in the current one. Net income rose even more sharply, from a loss $10 million last year to a prit $91 million this year.
Full-year results at Warner Music were generally even better than its fourth-quarter results.
For the year, revenue rose 11.7% while digital music revenue increased 15.9%, encompassing 58.3% total revenue. Last year, digital music represented 56.2% total revenue.
Like in its quarter results, operating income at the company rose sharply during the year, from $217 million last year to $356 million this year. Though net income during the year did not rise quite as sharply as it had in the fourth quarter, from $258 million to $312 million. This was attributed to a net gain the company received last year as a result selling Spotify shares.
Steve Cooper, who is the CEO Warner Music Group, commented on the results by saying, “We are passionate champions for our recording artists and songwriters and work tirelessly to help them build long-term global careers. Their talent and our focus and dedication made for an excellent fiscal year, and we’re excited by the multitude growth opportunities which lie ahead in 2020 and beyond.”