Warner Music Targets Wholesale Price Increases as Q3 Streaming Revenue Shows Modest 2% Growth
Warner Music Group reported modest streaming revenue growth in Q3 2024, with overall streaming revenue increasing by 1% year-over-year to $1.05 billion. The company's recorded subscription revenue grew 5% to $645 million, while ad-supported revenue declined 5% to $221 million.
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Key Financial Highlights:
- Digital revenue: 0.2% YoY decrease
- Subscription streaming revenue: 5% increase to $645 million
- Ad-supported revenue: 5% decrease to $221 million
- Publishing streaming revenue: 4% decline to $182 million
12-Month Performance (ended September 30th):
- Recorded subscription revenue: 8% growth to $2.54 billion
- Ad-supported revenue: 3% growth to $901 million
- Publishing streaming revenue: 15% increase to $752 million
CEO Robert Kyncl emphasized future growth potential through:
- Wholesale price increases
- Market penetration opportunities
- Reduced discounts on family plans
- Superfan initiatives
Additional Performance Metrics:
- Physical sales (vinyl/CDs): Increased from $130M to $134M
- U.S. recorded revenue: 1% YoY growth ($2.21B total)
- International recorded revenue: 9% YoY growth ($3.01B)
The company announced a $100 million buyback program, though stock fell 9.24% to $30.56 per share following the earnings report.
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