NEW YORK (CelebrityAccess) — Warner Music Group Corp. announced the results of their second fiscal quarter for 2024, revealing an increase in both revenue and profits for the period ending on March 31st, 2024.
According to WMG, total revenue for the company increased to $1.494 billion, up by 7% year-over-year. Revenue from recorded music rose by 4% year-over-year to $1.189 million but digital revenue shrank by 22 million during the quarter impacted by termination of the distribution agreement with BMG and a renewal with a digital partner.
Revenue from music publishing grew by 19.1% year-over-year, bouyed by the continued growth in streaming, as well as the impact of digital deal renewals and continued investment in the the label group’s publishing catalog.
Net income for WMG grew as well during the quarter, with WMG reporting $96 million in earnings, up sharply from the $37 million WMG reported in Q1 2023.
“This quarter we saw a healthy, dynamic mix of hits across a range of genres, geographies, and generations,” said Robert Kyncl, CEO of Warner Music Group. “With our commitment to artist and songwriter development as our guiding principle, we continue to discover great talent, build sustainable careers, champion the value of music, and grow the catalog of tomorrow. We are positioning WMG for long term growth and look forward to delivering successful music in the second half of 2024 and beyond.”
“Our performance in the quarter was driven by an acceleration in Recorded Music subscription streaming growth and continued momentum in Music Publishing,” said Bryan Castellani, CFO, Warner Music Group. “Encouraged by the continued growth in engagement and value of music, we remain focused on delivering on our strategy and driving long-term shareholder value.”
Basic and Diluted earnings per share were $0.18 for both the Class A and Class B shareholders due to the net income attributable to the Company in the quarter of $96 million.
