Warner evaluates its business performance in constant currency terms – a like-for-like metric in which fluctuations in exchange rates year-on-year are artificially discounted. On that basis, total revenue across the group, which runs both Warner’s recorded music division and publisher Warner/Chappell, increased 6%, or $173m in FY 2015 to $2.966bn. However, in actual terms – thanks to cash earned abroad being savaged by rates when converted into US dollars – WMG’s total revenues fell 2% in the 12 months.
Source: Streaming trumps download at Warner in 2015 as losses narrow – Music Business Worldwide