Warner Music Group Corp. (WMG) reports earnings

Warner Music Group Corp. (WMG+0.70%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.

The filing reports total revenues of $6.426 billion, an increase from $6.037 billion in the previous year. This growth was driven by increases in digital and licensing revenues, despite a decrease in artist services and expanded-rights revenues.

Recorded Music revenues rose by 5% to $5.223 billion, with digital revenue increasing by 6% to $3.519 billion. The increase in digital revenue was primarily due to growth in streaming services.

Music Publishing revenues increased by 11% to $1.210 billion, driven by higher digital and performance revenues. Digital revenue alone increased by 14% to $763 million.

Operating income for the year was $823 million, up from $790 million in 2023. Adjusted OIBDA, a key performance measure for the company, increased by 16% to $1.432 billion.

Warner Music Group reported net income of $478 million, compared to $439 million in the prior year. Income attributable to noncontrolling interest was $43 million, an increase from $9 million.

The company ended the fiscal year with $694 million in cash and equivalents and total long-term debt of $4.014 billion, net of premiums, discounts, and deferred financing costs.

Warner Music Group continues to focus on digital growth and expanding its global presence, with strategic investments and acquisitions in emerging markets.

The filing also details the company's restructuring plans, which are aimed at freeing up funds to invest in music and accelerate growth, involving a reduction in headcount and disposal of non-core media properties.

Warner Music Group's board declared a cash dividend of $0.18 per share, payable on December 3, 2024, to stockholders of record as of November 19, 2024.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Warner Music Group Corp. annual 10-K report dated November 21, 2024. To report an error, please email earnings@qz.com.