Photo by Jared Siskin/Getty Images for Warner Music Group
Warner Music Group's 2018 Revenue Exceeds Company History
The results are from the company's fourth-quarter and full-year finance period that ended on Sept. 30, 2018
“We’ve had another terrific year and revenue exceeded $4 billion for the first time in our 15-year history as a standalone company,” Warner Music Group CEO Steve Cooper said in statement. “We continue to invest in our business for the benefit of our recording artists and songwriters and to fuel our long-term growth.”
The results are from the company's fourth-quarter and full-year finance period that ended on Sept. 30, 2018.
Warner Music Group's total revenue for the full year rose 12.0% (9.2% in constant currency or the amount without the effects of fluctuations). Domestic revenue grew 10.5 % and internationally grew 12.7 % (7.8% in constant currency).
Digital revenue for the full year rose 20.4% (18.5% in constant currency) and represented 56.2% of the total revenue versus the 52.3% it represented last year.
Net income for the full year was $312 million, increasing from the $149 million made the year before.
Operating income went down, coming in at $217 million this year compared to $222 million last year. The operating margin went down 5.4%, compared to 6.2% last year due to being "driven by higher revenue which was more than offset by increased investment in A&R and marketing as well as higher SG&A expenses including for variable compensation, restructuring and facilities expenses related to the Los Angeles office consolidation," the company stated.
For the quarter, net loss for the entire quarter was $13 million, a decrease from the $38 million net loss in the prior year quarter.
Revenue rose 13.3 % (14.8% in constant currency,) and digital revenue went up, growing 21.4 % (23.1% in constant currency.)
Recorded music revenue rose 12.5 % for the quarter. According to Variety, Cooper credited the success of recorded music to Cardi B, Ed Sheeran, Bruno Mars and The Greatest Showman soundtrack (on Atlantic) and Dua Lipa, Lil Pump and Bebe Rexha (on Warner Bros., as well as Dan and Shay (on Nashville).
A decline in recorded music physical revenue somewhat offset the "growth in Recorded Music digital, licensing and artist services and expanded-rights revenue and growth in Music Publishing digital, performance, synchronization and mechanical revenue were partially offset by a decline in Recorded Music physical revenue."
For a look at the complete report, go here.
Rotimi On Performing At ESSENCE Fest, Growing Up African-American & More
The Nigerian-American singer and actor sat down with the Recording Academy to talk about what inspired his latest album, 'Walk With Me'
In 2015, Rotimi stepped into the New Orleans Superdome for the first time to experience the magic of ESSENCE Fest. Four years later, in 2019, the "Love Riddim" singer returned to the celebration as a performer, something he said was spoken into existence.
"Last year me and my manager had a conversation and I said, 'Listen, I'm going to be on the [ESSENCE] mainstage this year. 365 days later, we did it," Rotimi told the Recording Academy at the 25th annual ESSENCE Fest.
Rotimi, also an actor on Starz' "Power," has evolved since his last album, 2017's Jeep Music, Vol.1. The singer said he really hit home with its follow-up, the recently released Walk With Me, a project he worked hard for, putting in hours in the studio after filming on set.
"Walk With Me is the first time I actually felt like I was giving myself as an artist, and personally I feel like with everything else I have going on I wanted to show people that this is really what I do," he said. "I wanted people to understand who Rotimi is, who Rotimi was before, who I want to be and just understand my growth and the journey and my passion for what I do."
Part of why the album felt like such a representation of him is because it embodies beats of his African roots, something he said was very present growing up Nigerian-American.
"I grew up with a lot of Fela Kuti and I grew up with Bob Marley," he said of his musical roots. "But I also grew up with Carl Thomas and Genuine and Usher, so there was a genuine mixture of who I am and what I've grown up to listen to. The actual Walk With Me project was a mixture of influences of Akon and Craig David."
Allen Hughes' "The Defiant Ones" Wins Best Music Film | 2018 GRAMMY
Director Allen Hughes' four-part documentary takes home Best Music Film honors for its portrayal of the unlikely partnership that changed the music business
The team behind The Defiant Ones celebrated a big win for Best Music Film at the 60th GRAMMY Awards. The crew awarded include director Allen Hughes and producers Sarah Anthony, Fritzi Horstman, Broderick Johnson, Gene Kirkwood, Andrew Kosove, Laura Lancaster, Michael Lombardo, Jerry Longarzo, Doug Pray & Steven Williams.
In a year rife with quality music documentaries and series, the bar has been set high for this dynamic category. The Defiant Ones is a four-part HBO documentary telling the story of an unlikely duo taking the music business by storm seems better suited for fantastical pages of a comic book, but for engineer-turned-mogul Jimmy Iovine and super-producer Dr. Dre, it's all truth.The Defiant Ones recounts their histories, their tribulations and their wild success. These include first-hand accounts from those who were there in Iovine's early days, such as Bruce Springsteen and U2's Bono, as well as those on board when Dre and Iovine joined forces, such as Snoop Dogg and Eminem.
The competition was stiff as the category was filled with compelling films such as One More Time With Feeling, Two Trains Runnin', Soundbreaking, and Long Strange Trip.
Photo: Kevin Mazur/WireImage.com
Pearl Jam Named Record Store Day 2019 Ambassadors
Pearl Jam's Mike McCready says "if you love music," record stores are the place to find it
Record Store Day 2019 will arrive on April 13 and this year's RSD Ambassadors are Pearl Jam. Past ambassadors include Dave Grohl, Metallica, Run The Jewels (Killer Mike and El-P), and 61st GRAMMY Awards winner for Best Rock Song St. Vincent.
McCready was also the 2018 recipient of MusiCares' Stevie Ray Vaughan Award.
The band was formed in 1990 by McCready, Jeff Ament, Stone Gossard, and Eddie Vedder, and they have played with drummer Matt Cameron since 2002. They have had five albums reach No. 1 on the Billboard 200 and four albums reach No. 2.
"Pearl Jam is honored to be Record Store Day's Ambassador for 2019. Independent record stores are hugely important to me," Pearl Jam's Mike McCready said in a statement publicizing the peak-vinyl event. "Support every independent record store that you can. They're really a good part of society. Know if you love music, this is the place to find it."
With a dozen GRAMMY nominations to date, Pearl Jam's sole win so far was at the 38th GRAMMY Awards for "Spin The Black Circle" for Best Hard Rock Performance.
Pearl Jam will be performing on March 3 in Tempe, Ariz. at the Innings festival, on June 15 in Florence, Italy at the Firenze Rocks Festival and at another festival in Barolo, Italy on June 17. On July 6 Pearl Jam will headline London's Wembley Stadium.
Portugal. The Man To Aida Cuevas: Backstage At The 2018 GRAMMYs
Also see James Fauntleroy, Reba McIntire, Latroit, and more after they stepped off the GRAMMY stage
What do artists do the moment they walk off the GRAMMY stage from presenting, accepting an award or performing? Now, you can find out.
Also see Best Pop Duo/Group Performance GRAMMY winners Portugal. The Man posing with their first career GRAMMY Award, Best Roots Gospel Album GRAMMY winner Reba McIntire right after she walked offstage, Best R&B Song GRAMMY winner James Fauntleroy, Best Remixed Recording GRAMMY winner Latroit, and many more, with these photos from backstage during the 60th GRAMMY Awards.