NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. ("Warner Music Group" or "WMG") announced today that Robert Kyncl, Chief Executive Officer, will participate in a question and answer session during the Morgan Stanley Technology, Media & Telecom Conference on Wednesday, March 6th, at 4:20pm PT. A live webcast of the session will be available to the general public through a link on the Investor Relations homepage of Warner Music Group's website (https://investors.wmg.com/events-and-present ...

First major record deal for singer and actress whose music moves millions across the worldNews arrives following the release of her latest blockbuster action movie, 'Crakk'DUBAI, UAE, Feb. 26, 2024 /PRNewswire/ -- Global star Nora Fatehi, the multi-talented singer, dancer, and actress, whose music has already attracted millions of fans and billions of views and streams, has signed a new deal with Warner Music Group (Nasdaq: WMG) – her first agreement with a major global record company. Photo Credit: Apoo ...

NEW YORK, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Warner Music Group Corp. ("Warner Music Group" or "WMG") today announced that its Board of Directors declared a regular quarterly cash dividend of $0.17 per share on WMG's Class A Common Stock and Class B Common Stock. The dividend is payable on March 1, 2024, to stockholders of record as of the close of business on February 22, 2024. About Warner Music Group With a legacy extending back over 200 years, Warner Music Group today is home to an unparalleled family of ...

Financial Data and Key Metrics Changes - Total revenue increased by 16% year-over-year, with normalized revenue growth of 11% [18][69] - Adjusted OIBDA increased by 33%, with a margin of 25.8%, reflecting a 330 basis point improvement over the prior year [18][69] - Operating cash flow rose by 40% to $293 million, with free cash flow also increasing by 40% to $264 million [74] Business Line Data and Key Metrics Changes - Music publishing revenue grew by 20%, driven by a 30% increase in digital and streaming revenue [8][60] - Recorded music revenue grew by 15%, with normalized revenue growth of 9% [64][69] - Streaming revenue increased by 11.4% on a normalized basis, with subscription streaming revenue growing by 14% [64][69] Market Data and Key Metrics Changes - Ad-supported revenue increased by 10%, benefiting from the TikTok renewal [64][32] - Physical revenue rose by 13%, driven by strong releases in key markets [64] Company Strategy and Development Direction - The company announced a plan to achieve approximately $200 million in annualized cost savings by the end of September 2025, with most savings reinvested into core businesses [5][65] - The strategy focuses on enhancing engagement with music, increasing the value of music, and evolving internal collaboration [71][72] - The company is prioritizing investments in technology and artist development to drive sustainable growth [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the music industry's growth and the company's position within it, highlighting a strong release slate for Q2 [17][20] - The leadership team is focused on aligning incentives between streamers, labels, and artists to enhance overall industry growth [26][81] - Management acknowledged the challenges of navigating a complex and competitive market but remains confident in the company's strategic direction [70][72] Other Important Information - The company is exiting non-core media properties and reducing its workforce by approximately 10% to streamline operations [5][71] - A significant renewal with an international digital partner resulted in an upfront revenue recognition of $27 million [18] Q&A Session All Questions and Answers Question: What will the company do differently as a result of the new plan? - Management indicated that the new plan will focus on efficiency and operating leverage, allowing for more capital to be deployed in high-return opportunities [10][12] Question: How should success of the plan be measured? - Success will be measured by healthy top-line growth and margin expansion over time, with updates provided as progress is made [12] Question: Can you discuss the impact of the TikTok deal on growth? - The TikTok deal has contributed positively to ad-supported revenue growth, and management is confident in the terms of their agreement [32][115] Question: What are the expectations for recorded music ad-supported trends? - Management noted encouraging trends in ad-supported revenue growth, with expectations for continued improvement [141]

Warner Music Group Corp. (WMG) came out with quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -30.23%. A quarter ago, it was expected that this company would post earnings of $0.25 per share when it actually produced earnings of $0.34, delivering a surprise of 36%.Over the last four quarters, the co ...

Warner Music Group Corp. is planning to lay off about 600 employees, or around 10% of its workforce, as part of a restructuring plan aimed at freeing up more cash to invest in music and boost growth. Warner WMG, -0.58% said in a filing late Wednesday that it expects the plan to generate a cost savings of about $200 million on an annualized basis by the end of fiscal 2025. The company joins Snapchat’s parent Snap Inc. SNAP, -34.61%, Wayfair Inc. W, -1.84%, and Okta Inc. OKTA, +2.08% in announcing recent work ...

ToplineWarner Music announced plans Wednesday to cut 600 employees in the record label conglomerate’s latest cost-cutting effort as the company seeks to sell off its entertainment portfolio, following a string of corporate layoffs in the tech industry.Warner Music is looking to sell entertainment sites Uproxx and HipHopDX. SOPA Images/LightRocket via Getty Images Key FactsWarner Music announced the layoffs in a Securities and Exchange Commission filing, with the majority coming from its corporate and media ...

Warner Music is laying off 600 employees, or about 10% of its workforce, according to a Wednesday filing.The company said the layoffs are part of a broader restructuring plan aimed at saving costs to invest in more music and "accelerate the company's growth for the next decade." The layoffs are expected to save the company $200 million by the end of fiscal 2025.The majority of the savings will be allocated toward increasing investment in Warner Music's core music units and new technologies.According to the ...

Financial Highlights Double-Digit Growth in Revenue and Adjusted OIBDA as both Recorded Music and Music Publishing Deliver Highest Quarterly Revenue in Company HistoryRecorded Music Results Bolstered by an Acceleration in Subscription and Ad-Supported StreamingMusic Publishing Momentum Continues with Fifth Consecutive Quarter of Increasing Revenue Growth Robust Operating Cash Flow Conversion of 65% of Adjusted OIBDALaunched Plan to Achieve $200 million in Annual Savings to be Reinvested into Growth Opportun ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended December 31, 2023 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) 13-4271875 (I.R.S. Employer Identification No.) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 O ...