NEW YORK (CelebrityAccess) — Warner Music Group has released financial results for the company’s fiscal third quarter of 2024, showing a slight revenue decline for the period while net income grew by double digits.
WMG said total revenue fell 1% year-on-year to $1.55 billion in the quarter, with revenue from the company’s digital recorded music business dragging down performance.
BMG said its results were affected by the termination of its distribution agreement with BMG, which resulted in revenue falling $26 million from its previous third-quarter results.
In a breakout, recorded music revenue fell to $1.251 billion in the quarter, down 3% from the year.
Music publishing revenue is a highlight of WMG this quarter, with an annual increase of 8% in the third quarter to US$305 million.
Net profit in the third quarter of 2024 increased by 14% to US$141 million. .
As net income attributable to the company for the quarter was $141 million, basic and diluted earnings per share for Class A and Class B shareholders were both $0.27.
“Our strong streaming subscription growth in the third quarter was driven by the performance of our music and healthy industry trends,” said Robert Kyncl, CEO of Warner Music Group. “We are developing the next generation of artists and songwriters for Our iconic catalog creates new influences and works with our partners to enhance the value of music. Our commitment to long-term artist development, coupled with the flat structure of recorded music, will allow us to super-serve talent and provide a platform for WMG is well positioned for continued growth in the future.
Warner Music Group Chief Financial Officer Bryan Castellani added: “Our third quarter results were highlighted by strong margin expansion and operating cash flow growth, reflecting strong streaming performance and disciplined cost management. “Looking forward, we The focus is on delivering strong results this year and the industry remains healthy as we continue to position ourselves for long-term success.