Warner Music: 14% increase in Q3 net income

(CercleFinance.com) - Warner Music Group has announced net earnings of $141m for Q3 (April-May-June), up 14% y-o-y.


At the same time, adjusted EBITDA rose by 6% to $316m.

The media and entertainment group's sales were virtually flat, at $1554m (-1%), despite a 2% drop in 'Recorded Music' sales, impacted by the end of the distribution agreement with BMG (the 'BMG Termination'), which led to a $26m y-o-y drop in revenues.

Warner Music Group CEO Robert Kyncl points out that the company is notably benefiting from strong growth in the subscription stream.

The company also reported a 42% increase in free cash flow in Q3, to $160m.

Our commitment to long-term artist development, combined with a flatter structure in recorded music, will enable us to better serve talent and prepare WMG for sustainable future growth, he concludes.


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