Warner Music Group has announced its results for the fiscal year ending September 30, 2022.
Total revenue increased by 16% year-on-year to $5.92 billion (all figures at constant currency). Q4 revenue was also up 16% to $1.5bn.
Steve Cooper, outgoing CEO of Warner Music Group, said: “Our strong fourth quarter and full year results were driven by our talented artists, songwriters, and teams, across a wide range of genres, geographies, and generations. Against the backdrop of a challenging macro environment, we once again proved music's resilience, with new commercial opportunities emerging all the time. We're very well positioned for long-term creative success, and continued top and bottom line growth. We’re excited to have Robert Kyncl joining next year as WMG's new CEO, as we enter the next dynamic phase of our evolution.”
Recorded music revenue during the year was up 13.6% due to growth across all revenue lines. Major sellers for the 12 months included Ed Sheeran, Dua Lipa, Silk Sonic and Coldplay.
During the 12 months, recorded music physical revenue was flat compared to the prior year. Recorded music streaming revenue increased by 13.5%, despite a market-related slowdown in ad-supported revenue.
Music publishing streaming revenue increased by 32.8% year-on-year over the 12-month period. It includes a benefit of $20 million resulting from the July 2022 remand ruling by the Copyright Royalty Board in Phonorecords III, which upheld a higher percentage of revenue US mechanical royalty rates for 2018 to 2022. Overall music publishing revenue increased by 30.3%.
During Q4, recorded music revenue increased by 13.1% year-on-year. Recorded music streaming revenue was up 10.4%. Major sellers in the quarter included Ed Sheeran, Jack Harlow, Dua Lipa and Lizzo.
During the quarter, music publishing revenue increased 32.3% year-on-year.
Eric Levin, CFO, Warner Music Group, said: “We've delivered double-digit revenue growth on a constant currency basis and robust cash flow, driven by excellent operating performance across the company. The momentum in our business is strong, underpinned by global subscriber growth, subscription price increases, and the expansion of emerging platforms. As we look ahead, we're excited to share amazing releases from the world’s hottest artists, as well as innovative tech collaborations that will strengthen our position at the intersection of music, film, TV, social media, fitness, and gaming.”
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