WMG Hits a $6 Billion Record With Q4 Earnings

Warner Music Group has announced record high revenue for the fiscal year ending September 30, 2023, topping $6 billion for the first time in history.

Break it down: That monumental $6 billion marks 4% year-over-year revenue growth for the music giant, including $4.95 billion in recorded music revenue and $1.08 billion in publishing. Propelled by a booming digital market, total digital revenue for the year came in at $3.98 billion, a jump of 5%.

However, annual net income actually dropped to $439 million – down almost $100 million from last year – with the company blaming the “unfavorable impact of exchange rates on the Company’s Euro-denominated debt, an increase in interest expense” and other issues, not its market performance.

Overall, total streaming revenue increased 6.7% – 3.9% from recorded music, and 22.6% from music publishing – and although the firm had a slow start to the year, its Q4 numbers found a healthy 5% revenue increase, including a 7% increase in digital revenue.

What they’re saying: “We delivered on our promise of second-half improvement, and reached over $6 billion ($6,037 million) in annual revenue for the first time in WMG’s history,” WMG CEO Robert Kyncl said. “As the music ecosystem is recognizing the value of premium content and emerging markets continue to gain traction, our industry is healthy and growing. With these tailwinds at our back, we’ve been working hard to build a WMG that will excel in the music industry of tomorrow and look forward to bringing you incredible music in 2024 from our extraordinary artists and songwriters.”