Warner Music: 14% increase in quarterly net income

(CercleFinance.com) - Warner Music Group has announced net earnings of $141 million for the 3rd quarter of its fiscal year (April-May-June), up 14% year-on-year.


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

The media and entertainment group's sales were virtually stable, at $1554 million (-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 $26 million drop in revenues compared to the previous year's quarter.

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

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

' 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', concludes the executive.

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