Q4 revenue hits $1.5 billion – Billboard

Helped by digital revenue growth in recorded music and publishing, Warner Music Group reported quarterly revenue rose 16% constant currency (9% as reported) to $1.5 billion in the fiscal fourth quarter that ended Sept. 30, the company said Tuesday. November) announced. 22). Adjusted earnings before interest, taxes, amortization and depreciation (EBITDA) increased 16% to $276 million.

In his final quarter of earnings after 12 years as chief executive officer of Warner Music, steve cooper Said, “Against the backdrop of a challenging macro environment, we once again proved music’s resilience, with new business opportunities emerging all the time. We are very well positioned for long-term creative success, and continued top- and bottom-line growth. We are excited to have Robert Kinkl join us as WMG’s new CEO next year as we enter the next dynamic phase of our growth.”

WMG’s share price fell 0.88% to $26.98 in pre-market trading at 8:19 a.m. New York time on Tuesday. Warner Music executives will discuss the company’s quarterly and full-year results on a call with analysts at 8:30 a.m. ET.

Digital revenue grew 12.3%, or 6.8% in constant currency, to $989 million, including a $38 million settlement related to certain copyright infringement cases. Total streaming revenue grew 8.9% in constant currency (or 3.5% as reported), driven primarily by music publishing streaming revenue, which grew 37.0% in constant currency (or 29.8% as reported).

Recorded music streaming revenue increased 4.7% in constant currency, but decreased 0.4% as reported. Digital’s share of total revenue was 66.1%, compared to 67.3% in the prior year quarter, led by double-digit growth in recorded music artist services and extended-rights and licensing revenue.

Music publishing revenue grew 32.3% (23.9% as reported) in constant currency to $254 million, driven by digital and performance revenue. Digital revenue grew 39.5% (32.5% as reported) in constant currency to $159 million. Streaming revenue from streaming services and new digital deals grew 37.0% (29.8% as reported) in constant currency.

In WMG’s recorded music segment, revenue grew 13.1% in constant currency (6.1% as reported) to $1.25 billion. Extended rights revenue grew 33% at constant currency (21.4% as reported) to $204 million in 2021 due to increased concert promotion revenue following the disruption of the touring business.

Physical revenue of $123 million was up 6% in constant currency but down 3.1% as reported, primarily due to volatility in exchange rates that offset higher vinyl sales and stronger sales in Japan. Digital revenue of $830 million grew 8.1% in constant currency (up 2.9% as reported), and now represents 66.7% of total recorded music revenue, compared to 68.9% in the prior year quarter.

Music publishing contributed about 17% of the company’s total revenue in the quarter, which was up slightly from the year-ago quarter when music publishing made up 15% of total revenue. Recorded music revenue contributed 83% of total revenue in the quarter, which was down slightly from the year-ago quarter when recorded music revenue comprised 85% of the company’s total revenue.

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