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WMG Posts Moderate Gains For Q3 2022

Warner Music Group
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NEW YORK (CelebrityAccess) — Warner Music Group announced the financial results reporting slow but steady growth, driven by strong results in their music publishing division.

According to Warner’s financial filings, revenue for the third fiscal quarter of 2022, ending on June 30th, was $1.43 billion dollars, up by 7% from the same period in 2021.

Warner CEO Steve Cooper cited headwinds such as a slowdown in the advertising market along with some one-time expenses that weighed on the results in the quarter.

“We delivered solid double-digit growth on a constant-currency basis, even against the backdrop of a slowdown in the advertising market and some one-time items affecting year-over-year comparisons,” Cooper said in a press statement accompanying the finacial results. “In June, we saw the beginning of a new wave of amazing releases and we’re looking forward to a strong end to our fiscal year. Long term, we have the scale to best capitalize on trends in artist development, and the agility and resources to continue to propel the globalization and diversification of our business.”

“Our third-quarter results reflect the inherent resilience of our business that comes from our diverse portfolio of revenue streams,” added Eric Levin, CFO, Warner Music Group. “With significant runway ahead in our core streaming business and new growth vectors constantly emerging, we are incredibly bullish on our growth potential for many years to come.”

Revenue from recorded music generated the lion’s share, accounting for 1.189 billion during the quarter, but represented just a 3% improvement over the same quarter last year.

The brightest spot for WMG came from their Warner Chappell Music Publishing division, which posted revenue of 245 million for Q3, a change of 30% year-over-year.

Digital revenue, however, remained relatively stable, generating $944 million, up by just 2% from the same quarter in 2021.

Despite gains in revenue, operating income for WMG slid from $162 million in Q3 2021 to $146 million this year, representing a net negative change of 10%. EBITDA, or earnings before interest, taxes, depreciation, and amortization, slid by 7% $282 million during the quarter last year to $236 million this year.


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