Warner Music Group Profit Up
Profits were up 91% at Warner Music Group last quarter, just the latest in improved earnings among the major music groups. Revenue dropped to $1.04 billion from $1.09 billion but with the help of a big increase in digital revenues -- up 30% from the previous quarter (due in large part to the holiday season) and up almost 200% from a year ago -- net income rose 9% to $166 million.
Other main points:
Sales of recorded music were down 2%.
International revenue grew by 1.8% (excluding effects from change in exchange rate).
Music publishing revenue was down 15% (only 4% on a constant-currency basis), and digital revenues from music publishing was 4% of total publishing revenues.
Operating income was $144 million compared to $130 million for the same period last year.
Music Groups