.warnermusic Group continues to enjoy growth fueled by streaming 🎧
Streaming contributed to that growth, generating $648 million in revenue, up 12.5% from $576 million in the year earlier period.
But net income fell significantly to $14 million from $321 million due to not having the benefit of sales of Spotify stock in this quarter, versus last year when other income totaled $394 million.said in a statement. "To say that streaming is responsible for the recovery of our business is an oversimplification. Without the talent and creativity of our artists and songwriters, and all of the investment and expertise we put behind them, there would be no growth.
But for the same reason as its third quarter results, net income fell to $167 million for the nine-month period from $325 million in the year earlier period. Yet, on the plus side, operating income grew 62.7% to $327 million from $201 million in the year earlier period, while OIBDA grew 30.5% to $530 million from $406 million.. "We expect fiscal 2019 to be another great year."
Looking at the fuel driving the engine, the company’s digital revenue grew to $1.94 billion, from $1.66 billion in the prior corresponding period, a 16.8% increase.
France Dernières Nouvelles, France Actualités
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