Warner Music Group has reported its fiscal first quarter financial results (WMG’s fiscal Q1 covers October-December of 2021). Overall revenue for the quarter grew by 21 percent from $1.335 million a year earlier to $1.614 million. Recorded music revenue was up during the quarter by 19 percent to $1.386 million and music publishing revenue increased 31 percent to $229 million. Digital revenue climbed by 21 percent to $229 million from $175 million in fiscal Q1 a year ago.
“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,” said Steve Cooper, CEO, Warner Music Group. “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.”
Lou Dickler, Acting CFO, Warner Music Group said, “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.”
