From GlobeNewswire: 2024-05-09 07:30:00

Warner Music Group Corp. announces solid financial results driven by growth in recorded music and music publishing. Revenue increased 7% to $1,494 million for the three months ended March 31, 2024. Net income was $96 million, operating income decreased 4% to $119 million, and Adjusted OIBDA increased 9% to $312 million. Cash used in operating activities increased to $31 million. The company reiterated full-year guidance of 50-60% operating cash flow conversion.

Warner Music Group reported strong second-quarter financial results, crediting a mix of hits across genres for their performance. CEO Robert Kyncl emphasized the company’s commitment to artist development and sustainable careers. CFO Bryan Castellani highlighted growth in Recorded Music subscription streaming and Music Publishing, signaling continued momentum and value in music. Revenue for the three months ended March 31, 2024, increased 7% to $1,494 million.

Recorded Music revenue for the same period totaled $1,189 million, marking a 4% increase over the prior year. Operating income decreased by 11% to $134 million, but Adjusted OIBDA increased by 9% to $272 million. Streaming revenue saw significant growth, up 7.1% to $900 million, driven by higher subscription revenue. Warner Music Group remains focused on long-term shareholder value and artist development.



Read more at GlobeNewswire:: Warner Music Group Corp. Reports Results for Fiscal Second