Warner Music's quarterly profits were up 14% on streaming growth, while overall revenue fell by 1% on dips in physical music sales and merchandise.
Robert Kyncl attends the 2024 Warner Music Group Pre-GRAMMY Party at Citizen News Hollywood on Feb. 1, 2024 in Los Angeles.Warner Music Group reported on Wednesday strong streaming revenue growth and keeping a lid on its costs helped offset declines in merchandise and physical music sales in the company’s third fiscal quarter.
Quarterly net profit rose nearly 14% to $141 million from $124 million in the third quarter last year. Overall revenue fell by 1% to $1.554 billion from $1.564 billion in the year ago quarter due to the roll off of BMG’s distribution deal and a difficult comparison to the year-ago quarter, which included a $7 million benefit from the Copyright Royalty Board in Phonorecords III.The company’s digital revenue and streaming revenue were up 4.7% and 5.5% respectively, as subscription revenue grew 7%.
WMG’s operating income jumped 10% to $207 million in the quarter from $189 million in the third quarter last year. Adjusted operating income before depreciation and amortization , which measures profitability over a specific period of time, rose 6% to $316 million from $297 million in the prior-year quarter.Revenue from WMG’s recorded music division fell by 2% to $1.251 billion from $1.282 in the year-ago quarter.
Revenue from WMG’s music publishing division rose by 8% to $305 million from $283 million in the year-ago quarter.Total revenue 1% to $1.554 billion in the third fiscal quarter 2024 from $1.564 billion in the same period last year.Recorded music revenue fell by 2% to $1.251 billion from $1.282 billion in the third quarter 2023.
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