NEW YORK (CelebrityAccess) — Warner Music Group revealed the financial results for the company’s third fiscal quarter of 2024, showing a modest decline in revenue against a double-digit boost in net income during the period.
According to WMG, overall revenue during the quarter dropped by 1% year-over-year to $1.55 billion with revenue from the company’s digital recorded music business weighing on the results.
According to BMG, the results were impacted by the termination of a distribution agreement with BMG which resulted in a $26 million decline in revenue compared to the previous 3Q results.
As a breakout, revenue from recorded music declined to $1.251 billion during the quarter, a 3% decline year-over-year.
Revenue from music publishing was a bright spot for WMG during the quarter, growing by 8% year-over-year to 305 million during the third quarter.
Net income rose by 14% to $141 million during the third quarter of 2024. WMG attributed the results to the impacts of savings from a major reorganization plan along with the retirement of debt in the previous quarter and lower income tax expenses due to shifting exchange rates.
Basic and Diluted earnings per share were $0.27 for both the Class A and Class B shareholders due to the net income attributable to the Company in the quarter of $141 million.
“Our strong subscription streaming growth in Q3 was driven by the performance of our music and healthy industry trends,” said Robert Kyncl, CEO of Warner Music Group. “We’re nurturing the next generation of artists and songwriters, creating fresh impact for our iconic catalog, and working with our partners to increase the value of music. Our commitment to long-term artist development, combined with a flatter structure in recorded music, will enable us to super-serve talent and set WMG up for sustained future growth.”
“Our Q3 results were highlighted by strong margin expansion and operating cash flow growth, reflecting robust streaming performance and disciplined cost management,” added Bryan Castellani, CFO, Warner Music Group. “Looking ahead, we are focused on delivering a strong close to the year. The industry remains healthy and we continue to position ourselves for long-term success.”
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