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Dec 31, 2024
WMG Q1 2025 Earnings Report
Reported results for the fiscal first quarter ended December 31, 2024.
Key Takeaways
Warner Music Group's total revenue decreased by 5%, but net income increased by 25% to $241 million. The results were underpinned by the performance of new releases and catalog, as well as healthy global subscriber trends.
Warner Music Group and Spotify announced a new multi-year agreement covering both recorded music and music publishing.
Music Publishing delivered continued growth led by strength in performance and digital.
Operating Cash Flow grew by 13% with conversion of 91%.
The company is reaffirming full-year recorded music subscription streaming revenue and operating cash flow conversion guidance.
WMG
WMG
WMG Revenue by Segment
Revenue by Segment
Recorded Music Revenue
CapyFin.comMusic Publishing Revenue
CapyFin.com Forward Guidance
The company is confident in its outlook, especially as the industry continues to evolve monetization models, which will help fuel future growth.
Positive Outlook
- New deal with Spotify will help deliver new fan experiences.
- New deal with Spotify will deliver a deeper music and video catalog.
- New deal with Spotify will deliver further paid subscription tiers.
- New deal with Spotify will deliver differentiated content bundles.
- The new publishing agreement introduces a direct licensing model with Warner Chappell Music in several additional countries including the U.S.
Revenue & Expenses
Visualization of income flow from segment revenue to net income