Warner Music Group reports third-quarter financial results with slight revenue decrease

From GlobeNewswire.: 2024-08-07 07:30:00

Warner Music Group announced third-quarter financial results with total revenue decreasing 1% but increasing 1% in constant currency. Net income rose to $141 million, operating income to $207 million, and adjusted OIBDA to $316 million. Cash provided by operating activities increased to $188 million, and free cash flow to $160 million.

Recorded Music revenue was down 2.4% driven by declines in artist services, physical, and licensing revenue, offset by digital revenue growth. Streaming revenue increased 5.0%, driven by growth in subscription revenue. Adjusted for certain impacts, streaming revenue was up 8.7%.

Warner Music Group emphasized strong subscription streaming growth and continued momentum in music publishing. The company reported strong margin expansion, double-digit growth in operating and free cash flow, and reiterated full-year operating cash flow conversion guidance of 50-60%.CEO Robert Kyncl highlighted nurturing new artists and songwriters, while CFO Bryan Castellani focused on delivering a strong close to the year and positioning for long-term success.



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