Warner Music UK revenues up 9% in 2018

Warner Music UK revenues up 9% in 2018

Warner Music UK had a strong 2018, according to financial results lodged at Companies House.

For the fiscal year ending September 28, revenues increased by 9% year-on-year to £215.2 million.

The majority of revenue was from UK sales (£197.4m), compared to £17.9m from the rest of the world.

The major’s big sellers in that period included Ed Sheeran’s Divide and The Greatest Showman soundtrack, which each ended up as the No.1 global album for 2017 and 2018 based on the IFPI results. The Greatest Showman has now passed 2m UK sales.

The UK growth is in line with the global Warner Music Group results for 2018.

Warner Music UK’s profits surged 93% year-on-year to £36.3m as a release of its release schedule.

In its financial report, the major also warned about the lack of “certainty” surrounding the UK’s Brexit deal.

Warner’s accounts also revealed that its sale of artist catalogues brought in £2.74m in 2017, though nothing in 2018. Warner Music had to offload some catalogues to the indie sector as a condition of its acquisition of Parlophone.

The company’s headcount was little changed last year at 213.

author twitter FOLLOW Andre Paine

For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to receive our daily Morning Briefing newsletter

subscribe link free-trial link

follow us...