NEW YORK (CelebrityAccess) — Warner Music Group Corp. today announced its financial results for 2022, revealing that revenue for the label group was 5.919 billion for the year, up by 12% from 2021.
Recorded music revenue topped $4.9 billion this year, up by 9% year-over-year and was driven by digital revenue growth, the company reported.
Revenue from WMG’s music publishing operations was up by 26%, increasing to $958 million for the year, again driven by digital revenue, which increased by 29% for the publishing division.
During 2022, Warner Music Group recorded $555 million in net income, a sharp increase of 81% from the previous year, when they notched up $303 million from all divisions.
“We’ve delivered double-digit revenue growth on a constant currency basis and robust cash flow, driven by excellent operating performance across the company. The momentum in our business is strong, underpinned by global subscriber growth, subscription price increases, and the expansion of emerging platforms. As we look ahead, we’re excited to share amazing releases from the world’s hottest artists, as well as innovative tech collaborations that will strengthen our position at the intersection of music, film, TV, social media, fitness, and gaming,” said Eric Levin, CFO, Warner Music Group.
For the fourth quarter, WMG added $1.497 billion in revenue, an improvement of 9% year-over-year, and net income of $150 million. Recorded music revenue was up by just 6% year-over-year in Q4, driven by digital revenue growth of 6.8% across recorded music and music publishing, including $38 million from digital downloads and the result of a settlement from a copyright lawsuit.
Total streaming revenue increased 3.5%, bolstered by growth in WMG’s music publishing, which saw a 24% increase from $205 million in Q4 2021 to $254 million in Q4 2022.
“Our strong fourth quarter and full year results were driven by our talented artists, songwriters, and teams, across a wide range of genres, geographies, and generations. Against the backdrop of a challenging macro environment, we once again proved music’s resilience, with new commercial opportunities emerging all the time. We’re very well positioned for long-term creative success, and continued top and bottom line growth. We’re excited to have Robert Kyncl joining next year as WMG’s new CEO, as we enter the next dynamic phase of our evolution,” said Warner Music CEO Steve Cooper.