Warner Music Posts 8% Growth in Streaming Revenue for Fiscal Year in Solid Earnings Report

variety.com:

Jem Aswad Executive Editor, Music Warner Music posted solid results for the fiscal year — although flatter ones for the last quarter — in its earnings report on Thursday, driven by a 7% boost in the important digital revenue category and 8.2% in streaming revenue for the year.

Net income was $478 million versus $439 million in prior year, with adjusted OIBDA increased 16% to $1,432 million versus $1,235 million in prior year (the same in constant currency) The company also pointed to a fourth consecutive year of double-digit revenue growth for its Warner Chappell publishing division and the hot year from its revived Warner Records label.

The company noted that although its recorded music streaming revenue increased 6.9% (or 7.3% in constant currency), minus the ongoing impact of the termination of its distribution deal with BMG termination ($81 million) and a digital license renewal of $16 million, recorded music streaming revenue increased 9.1% (or 9.6% in constant currency).

Music publishing streaming revenue increased 14.6% (or 14.1% in constant currency); noting another caveat, it pointed to the impact of the CRB rate benefit of $24 million in the prior year, music publishing streaming revenue was up 19.0% (or 18.5% in constant currency).