NEW YORK, July 10, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. will release its financial results on Thursday, August 8, 2024, for the third quarter ended June 30, 2024, and will hold an earnings conference call that morning at 8:30 a.m. ET. To access the conference call, please register here. Once registered, you will receive an email with the dial-in number along with your personalized pin needed to join the call. We suggest you call in 10 minutes prior to the start time. If you do not anticipate as ...

Core Insights - Warner Music Group (WMG) has appointed Michael Ryan-Southern (MRS) as the Executive Vice President of Corporate Development, effective August 5, 2024, to lead M&A activities [1][2] - MRS brings two decades of experience in investment, finance, and the music industry, having previously served as Global Head of Music & Live Entertainment Investment Banking at Goldman Sachs [1][3] - WMG's CEO Robert Kyncl expressed optimism about the long-term value of music and the opportunities in recorded music and music publishing, highlighting MRS's expertise as a key asset for the company's growth [7] Company Overview - Warner Music Group operates in over 70 countries and includes a diverse range of labels and a music publishing arm with over one million copyrights [4] - The company is known for its entrepreneurial spirit and tech-forward approach, fostering an environment conducive to artistic creativity and business innovation [5] - WMG also supports the independent music community through its ADA division and has a presence in film and television storytelling via Warner Music Entertainment [4] MRS's Background - MRS has a strong track record in the music and live entertainment sectors, having led landmark deals while at Goldman Sachs and held senior roles at Mubadala Capital and EMI Music Publishing [3][7] - He holds an MBA from Columbia Business School, a master's in tax law, and a bachelor's in accounting and finance, showcasing a robust educational background [7]

Financial Data and Key Metrics Changes - Total revenue increased by 7% in Q2, with Recorded Music and Music Publishing growing by 4% and 19% respectively [20][21] - On a normalized basis, total revenue grew by 9%, with Recorded Music up by 7% [21][61] - Adjusted OIBDA increased by 9%, with a margin of 20.9%, reflecting a 40 basis point increase year-over-year [61][37] - Streaming revenue grew by 11%, with Subscription Streaming growth accelerating to 13.5% [21][61] - Operating cash flow decreased to a use of $31 million from a use of $6 million in the prior year quarter [38][64] Business Line Data and Key Metrics Changes - Music Publishing division, Warner Chappell, reported a revenue growth of 19%, driven by streaming and performance revenue [37][61] - Digital and streaming revenue in Music Publishing increased by 27% and 29% respectively [37] - Physical revenue in Recorded Music decreased by 7%, attributed to the timing of releases [62] - Artist services and expanded-rights revenue decreased by 3%, while licensing revenue grew by 5% [62] Market Data and Key Metrics Changes - Warner Music Group outpaced peers in 2023, growing global market share in Music Publishing [26] - Argentina was noted as the fastest-growing market in 2023, with year-over-year revenue doubling [55] - In Sub-Saharan Africa, Warner Music was the only major music company to grow share in 2023 [55] Company Strategy and Development Direction - The company has three strategic priorities: growing engagement with music, increasing the value of music, and evolving operational methods [11][30] - A joint venture with 10K Projects has been successful, opening new channels for talent [12] - Warner Music South Asia was launched to tap into a market of 400 million people [13] - The company is focusing on organic growth and partnerships while exploring M&A opportunities [29][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum in music and business, anticipating healthy top-line growth and margin expansion [40][59] - The company is optimistic about upcoming releases and the potential for continued growth in streaming [40][59] - Management highlighted the importance of AI in evolving the music industry and protecting artists' rights [31][57] Other Important Information - The company sold entertainment websites UPROXX and HipHopDX to strengthen its foundation [33] - The weighted average cost of debt is 4.5%, with a nearest maturity date in 2028 [39] - The company aims for a cash flow conversion of 50% to 60% over a multi-year period [64] Q&A Session Summary Question: Why did the deal with Believe fall apart? - Management indicated that the timing and public nature of the situation were out of their control, leading to the decision not to pursue the deal [43] Question: Is this year still expected to be second half-weighted from a release slate perspective? - Management confirmed that the second half will see the full impact of previous price increases and is optimistic about subscriber growth [47] Question: Can you elaborate on the initiative to monetize superfans? - The company is focusing on a cross-platform approach to engage superfans, recognizing the ubiquity of music across various platforms [77] Question: What are the tools to drive engagement with older content? - Management emphasized the importance of optimizing the catalog for streaming across all major DSPs to enhance performance [89] Question: What is the expected pace of margin expansion this year? - Management noted that margin expansion will be assessed over the year rather than quarter-to-quarter, with a focus on long-term goals [92]

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Warner Music Group Corp. (WMG) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 63.64%. A quarter ago, it was expected that this company would post earnings of $0.43 per share when it actually produced earnings of $0.30, delivering a surprise of -30.23%.Over the last four quarters, the ...

Warner Music Group (NASDAQ:WMG) stock has jumped by almost 2% after the group reported a strong financial performance for the fiscal second quarter ending March 31, 2024, showcasing robust growth across its Recorded Music and Music Publishing divisions. At press time, May 9, 2024 at 07:32 GMT-4, the Warner Music Group (WMG) stock was trading at $35.65, up +0.56 (1.60%) from the previous market close.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.The ...

Financial Highlights Solid Results Driven by Growth Across Recorded Music and Music Publishing Recorded Music Results Underpinned by an Acceleration in Subscription StreamingMusic Publishing Delivered Revenue Growth of 19%Reiterating Full-Year Operating Cash Flow Conversion Guidance of 50-60% For the three months ended March 31, 2024 Total revenue increased 7%, the same in constant currencyNet income was $96 million versus $37 million in the prior-year quarterOperating income decreased 4% to $119 million v ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32502 Warner Music Group Corp. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 13-4 ...

NEW YORK, April 10, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. will release its financial results on Thursday, May 9, 2024, for the second quarter ended March 31, 2024, and will hold an earnings conference call that morning at 8:30 a.m. ET. To access the conference call, please register here. Once registered, you will receive an email with the dial-in number along with your personalized pin needed to join the call. We suggest you call in 10 minutes prior to the start time. If you do not anticipate as ...

NEW YORK, March 07, 2024 (GLOBE NEWSWIRE) -- Warner Music Group ("Warner Music Group" or WMG") confirms that on February 21, 2024 it approached Believe SA, a global digital music company headquartered in France and listed on the regulated market of Euronext Paris ("Believe" or the "Company") to initiate discussions with respect to a potential combination of Believe with WMG (the "Transaction") and that it indicated on February 27, 2024 that, at this stage, WMG thought it could value Believe at a price of at ...