Revenue, Income Rise For Warner Music Group In Fiscal First Quarter

Fiscal Q1

Fiscal first quarter 2022 -- the quarter that ended DECEMBER 31, 2021 -- saw revenues jump 21% year-over-year for WARNER MUSIC GROUP to $1.6 billion, spurred by a 19% increase for recorded music to $1.4 billion, a 31% rise for music publishing to $229 million, and a 31% increase for digital revenue to $1 billion. One caveat is that the quarter included an additional week and a new digital partnership, which the company said were "partially offsetting."

Streaming revenue was up 22.8%. Net income almost doubled, up 90% to $188 million, with Adjusted Net Income up 96% to $223 million; free cash flow, on the other hand, fell 37% to $95 million.

CEO STEVE COOPER enthused, “Hitting an all-time high in our 18 years as a standalone company is proof that we’ve never been stronger. At the same time, we’ve never had so much opportunity ahead of us. Our creative expertise, global agility, and willingness to experiment set us apart from the competition and solidify our important role across the entire music ecosystem. In the coming year, we look forward to welcoming back huge superstars, breaking new artists and songwriters, and seeking out more innovative ways to bring more music to more people in more places.”

Acting CFO LOU DICKLER added, “The strength and diversity of our revenue streams coupled with our operational efficiency drove margin growth, even as lower-margin revenue lines recovered. We’re committed to making sustained investments in our core business, and to taking pioneering steps that position WMG for the next wave of growth, all with a financially disciplined, ROI-focused perspective.”

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