Warner Music Group 2022 revenue up 16%

This translates to a $5.92b rise over the 12-month period, with Q4 revenue also up 16% to $1.5b.

The biggest contributor to the growth was recorded music which went up 13.6% due to growth across all revenue lines. The major selling artists in the last 12 months for the company included Ed Sheeran, Dua Lipa, Silk Sonic and Coldplay.

“Our strong fourth quarter and full-year results were driven by our talented artists, songwriters, and teams, across a wide range of genres, geographies, and generations,” WMG’s outgoing CEO, Steve Cooper, said.

“Against the backdrop of a challenging macro environment, we once again proved music's resilience, with new commercial opportunities emerging all the time. We're very well positioned for long-term creative success, and continued top and bottom-line growth. We’re excited to have Robert Kyncl joining next year as WMG's new CEO, as we enter the next dynamic phase of our evolution.”

However, recorded music physical revenue was flat compared to the prior year.

Recorded music streaming revenue increased by 13.5%, despite a market-related slowdown in ad-supported revenue.

In the same period, music publishing streaming revenue also increased by 32.8%. This can be attributed to a benefit of $20m resulting from the July 2022 ruling by the Copyright Royalty Board in Phonorecords III, which upheld the US mechanical royalty rates for 2018 to 2022. Overall music publishing revenue increased by 30.3%.

During Q4, recorded music revenue increased by 13.1% year-on-year. Recorded music streaming revenue was up 10.4%, with major sellers in the quarter including Ed Sheeran, Jack Harlow, Dua Lipa and Lizzo.

During the quarter, music publishing revenue increased 32.3% year-on-year.

Warner Music Group CFO Eric Levin said: “We've delivered double-digit revenue growth on a constant currency basis and robust cash flow, driven by excellent operating performance across the company.

“The momentum in our business is strong, underpinned by global subscriber growth, subscription price increases, and the expansion of emerging platforms. As we look ahead, we're excited to share amazing releases from the world’s hottest artists, as well as innovative tech collaborations that will strengthen our position at the intersection of music, film, TV, social media, fitness, and gaming.”