Ed Sheeran and Bruno Mars' music helps boost Warner Music's total revenues

Shruti Tripathi Chopra
Follow Shruti
iHeartRadio Music Awards - Show
Warner Music's top sellers include Ed Sheeran (Source: Getty)

Ed Sheeran and Bruno Mars' smash hits have helped Warner Music boost total revenues by 10.7 per cent year-on-year to $825m (£637m) for the three-month period ending 31 March.

The increase in revenues was driven by an uptick in earnings across both its recorded music (10.5 per cent) and publishing (14.2 per cent) operations.

The record company's quarterly net income was $20m versus $12m in the prior-year quarter.

Read more: President Trump looks like bad news for AT&T, Time Warner and M&A globally

Warner Music said: "The improvement in artist services and expanded-rights revenue was due primarily to higher merchandising revenue in the US. Recorded Music revenue grew in the US, Asia and Latin America, although this was offset by a currency-related decline in Europe. Top sellers during the quarter included Ed Sheeran, Bruno Mars, Kyosuke Himuro, twenty one pilots and the Hamilton original cast album."

Read more: It's official: A music superstar has become an adviser to a challenger bank

“We had another excellent quarter, with double-digit growth in both the current and prior-year quarters,” said Steve Cooper, Warner Music Group’s CEO.

“Our streaming revenue is now double that of physical and triple that of downloads. An improved industry environment is helping, but we continue to outperform our competition due to fantastic new music and outstanding execution by our operators around the world."

“This was a very strong quarter, marking the consecutive quarter of year-over-year revenue growth,” added Eric Levin, Warner Music Group’s EVP and CFO.

“Although tough comparisons could make for a more challenging second half, I’m confident we’ll have another great full fiscal year.”

Related articles