Warner Music Group generated $1.55bn in calendar Q2; subscription streaming revenues rose 13.7% YoY

Warner Music Group generated $1.55bn in calendar Q2; subscription streaming revenues rose 13.7% YoY

Warner Music Group (WMG) has released its financial results for the three months ending June 30, 2024 (calendar Q2, fiscal Q3), reporting revenues of $1.554 billion across recorded music, music publishing, and other activities.

Key highlights include:

• Recorded music revenues: $1.251 billion, down 1.1% YoY at constant currency, impacted by the termination of a distribution deal with BMG and a digital license renewal. Excluding these impacts, recorded music revenues grew by 1.2% YoY.

• Subscription streaming revenue: $640 million, up 13.7% YoY at constant currency, driving strong growth in recorded music digital revenue despite some unfavorable effects.

• Ad-supported streaming revenue: $223 million, showing modest growth of 0.9% YoY at constant currency.

• Warner Chappell Music (publishing): Revenue increased by 8.9% YoY at constant currency, totaling $305 million. Streaming revenue for publishing rose by 7.9% YoY, and excluding prior-year royalty impacts, it surged by 12.3% YoY.

WMG CEO Robert Kyncl credited the strong performance to healthy industry trends and continued artist development, positioning the company for future growth despite challenges in the global music landscape.