Warner Music Group’ shared an update on its annual recorded music revenues, which topped $3bn in the 12 months to end of September. It's the company's biggest sales haul for over a decade. The firm, actually, promised to post its official yearly fiscal results in the coming weeks.
This update shows that the FY2017 revenue of Warner’s recorded music business is estimated to have been in the range of approximately $3.01bn to $3.03bn: up 10.4% year-on-year – and the largest full-year sales haul amongst WMG labels since the major was sold by Time Warner in 2004.
The reasons behind such an impressive performance at Warner this year can be identified with Atlantic Records (Ed Sheeran, Lil Uzi Vert, Cardi B, Clean Bandit etc.) and the growth of streaming music.
In terms of the total picture for WMG – including Warner/Chappell, its label operation and other activities – it’s a similar story. According to the latest financial update, FY2017 saw Warner Music Group turn over between approximately $3.57bn and $3.59bn: up around 10.2% year-on-year, and up over 28% on Blavatnik’s first full post-acquisition year in 2012.
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