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Warner Music Posts 8% Growth in Streaming Revenue for Fiscal Year in Solid Earnings Report
Warner Music posted solid results for the fiscal year, although flatter ones for the last quarter, driven by 8.2% boost in streaming revenue.
Top sellers for the company included Benson Boone, Zach Bryan, Teddy Swims, Dua Lipa and Charli XCX, and CEO Robert Kyncl also pointed to the success of Rosé and Bruno Mars, Coldplay, Don Toliver and the Marias, as well as newer artists such as Artemas, Forrest Frank and Jordan Adetunji, jazz artist Chezile, singer/ songwriter Sam Barber and rapper Hunxho. Referencing major structural changes to the company that have seen the exit of longtime Atlantic Music Group Chair Julie Greenwald — replaced by 10K Projects founder Elliot Grainge — and recorded-music CEO Max Lousada, WMG CEO Robert Kyncl said on the earnings call “This year, we’ve reimagined our organization, based on the principle that simplicity and focus drive higher intensity and impact. Excluding the impact from the CRB Rate Benefit of $24 million in the prior year, Music Publishing revenue increased 13.7% (or 13.5% in constant currency).
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