Warner Music 3Q Revenue Jumps on Music Publishing Momentum

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Warner Music 3Q Revenue Jumps on Music Publishing Momentum

Dow Jones02-08

Warner Music Group reported a significant jump in revenue in the latest quarter after both recorded music and music publishing delivered quarterly record high performances.

Warner Music’s US-listed shares jumped 5% on Wednesday.

The entertainment and record label conglomerate posted a fiscal first-quarter net profit of $159 million, or 30 cents a share, compared with $122 million, or 23 cents a share, for the same period a year earlier.

Revenue jumped 17%, to $1.75 billion, beating analysts expectations of $1.67 billion, according to FactSet. Digital revenue increased 16%, streaming revenue climbed 17%, and recorded music revenue rose 14%

The company said the momentum seen across music publishing continues and it is looking to reduce costs by the end of fiscal 2025 to further invest in its core recorded music and music-publishing businesses, new skill sets and tech capabilities.

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