Business
Warner Music Group Corp. Reports Results for Fiscal Third Quarter Ended June 30, 2024
Financial Highlights Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends Continued Momentum in Music
About this update from Warner Music Group Corp.
[{"type":"text","content":"Financial Highlights Strong Recorded Music Subscription Streaming Growth Underpinned by a Robust Slate and Healthy Industry Trends Continued Momentum in Music Publishing Led by Strength in Digital and PerformanceStrong Margin Expansion and Double-Digit Growth in Operating and Free Cash Flow Reflect Solid Underlying Performance and Disciplined Cost ManagementReiterating Full-Year Operating Cash Flow Conversion Guidance of 50-60% For the three months ended June 30, 2024 Total revenue decreased 1%, or increased 1% in constant currencyNet income increased 14% to $141 million versus $124 million in the prior-year quarterOperating income increased 10% to $207 million versus $189 million in the prior-year quarterAdjusted OIBDA increased 6% to $316 million, versus $297 million in the prior-year quarter, or 8% in constant currencyCash provided by operating activities increased to $188 million, versus $146 million in the prior-year quarter NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. today announced its third-quarter financial results for the period ended June 30, 2024. \"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,” said 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.” Total WMG Total WMG Summary Results(dollars in millions) For the Three Months Ended June 30, 2024 For the Three Months Ended June 30, 2023 % Change For the Nine Months Ended June 30, 2024 For the Nine Months Ended June 30, 2023 % Change (unaudited) (unaudited) (unaudited) (unaudited) Revenue$1,554 $1,564 -1% $4,796 $4,451 8%Recorded Music revenue 1,251 1,282 -2% 3...