Major music label Warner Music Group recently reported strong financial results for the first quarter of 2024, highlighting ongoing growth in streaming and overall catalog revenue.
Some key findings:
- Total quarterly revenue reached $1.49 billion, up 7% from the previous year thanks to growth in streaming subscriptions and music publishing.
- Recorded music revenue, which makes up the bulk of WMG’s business, grew 7% to $1.19 billion. Streaming revenue led the way, increasing 11% to $828 million.
- Subscription streaming revenue had a particularly impressive quarter, jumping 13.5% to $615 million. This shows people continue to sign up for paid music services like Spotify in large numbers.
- Music publishing, WMG’s other major division, saw an 18.6% revenue spike to $306 million. Streaming for publishing was up 29%, demonstrating the enduring value of classic songs.
- Hits from Zach Bryan, Ed Sheeran, Jack Harlow and Green Day helped drive overall sales. Licensing revenue from copyright settlements also increased.
While physical sales like CDs continue trending down, the company is positioning itself for long-term growth by expanding its catalog reach and reinvesting in artist development. According to Warner’s CEO, this approach will deliver successful music well into the future. The company remains optimistic that engagement with music will only increase as new listening platforms emerge.
With steady gains in streaming subscriptions and publishing, Warner Music appears well positioned to take advantage of the sustained global popularity of recorded music and songs. Investors will be watching to see if this momentum continues throughout the rest of the year.
