Warner Music Group (WMG) reported a strong financial performance with GAAP EPS of $0.29, beating estimates by $0.04, and revenue of $1.59B, surpassing expectations by $20M. The label's quarterly revenue was up 6%, reaching over $6 billion in overall annual revenue for the first time. The surge was attributed to a solid release slate, including the Barbie soundtrack, Zach Bryan, and FIFTY FIFTY. Additionally, WMG's recorded music streaming increased by 8.9% YoY in calendar Q3. Robert Kyncl, from WMG, anticipates more artist-centric streaming deals following the company's latest earnings call.
WMG’s Robert Kyncl expects more artist-centric streaming deals, and 2 other things we learned on the company’s latest earnings call (@danieltencer - @musicbizworld) https://t.co/LcxKtAixid
Warner Music Group FY revenues top $6bn for first time; company’s recorded music streaming up 8.9% YoY in calendar Q3 (@murraystassen - @musicbizworld) https://t.co/oWzmLomiAq
Warner Music Hits $6B Milestone for the Year After Second-Half Rebound https://t.co/eyQP0Hae82
Warner Music Group reported quarterly revenue was up 6% as the label rode a solid release slate that included the Barbie soundtrack, Zach Bryan and FIFTY FIFTY to eclipse $6 billion in overall annual revenue for the first time. https://t.co/A2tQOCFDjR
$WMG (-2.6% pre) Warner Music GAAP EPS of $0.29 beats by $0.04, revenue of $1.59B beats by $20M - SA https://t.co/aCurL49Via
Warner Music Group Sees Revenue, Income Climb After Streamers Hike Prices https://t.co/nOGgGdWGGa