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Warner Music Group Reports Quarterly Revenue Records for Recordings & Publishing
Warner Music Group's earnings show record revenue amid plans to lay off 10% of staff. Publishing and recording revenues were up significantly.
“These results reflect the impact of our chart-topping artists, hit-making songwriters, iconic catalog, and laser focus on execution by all our teams,” CEO Robert Kyncl said in a statement. Recorded music revenue improved 16.6% to $1.45 billion on the success of Zach Bryan, Bruno Mars, the Barbie soundtrack and Jack Harlow, whose track “Lovin on Me” first reached No. Publishing’s synch revenue was flat at $39 million as lower commercial licensing activity in the United States was offset by the timing of some legal settlements.
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