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Dec 31, 2021
WMG Q1 2022 Earnings Report
Generated record revenue driven by strength across Recorded Music and Music Publishing. Robust streaming performance was driven by growth across traditional and emerging streaming platforms. Margin improvement and double-digit growth in Adjusted OIBDA and Adjusted EBITDA were delivered despite strong recovery in lower-margin revenue streams impacted by COVID. Acquisitions of 300 Entertainment and David Bowie’s Music Publishing Catalog were completed.
Key Takeaways
Warner Music Group Corp. reported a 21% increase in total revenue, reaching $1.614 billion for the quarter ended December 31, 2021. Net income increased to $188 million, and Adjusted EBITDA increased 31% to $389 million.
Total revenue grew by 21% (22% in constant currency) driven by strong digital revenue growth.
Digital revenue increased by 21% (22% in constant currency), representing 62.1% of total revenue.
Net income was $188 million, a significant increase from $99 million in the prior-year quarter.
Adjusted EBITDA increased by 31% to $389 million, with margins improving by 1.9 percentage points to 24.1%.
Revenue by Segment
Forward Guidance
Warner Music Group did not provide specific forward guidance in this earnings report.
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