Warner Music Group’s revenues continue to grow as the streaming economy pays off for the major label. The group reported revenues of $1.61bn in the final quarter of 2021 (its fiscal Q1) – year-on-year growth of 21%. That included 19% growth in recorded music revenue to $1.39bn, and 31% growth in music publishing revenue to $229m.
Within those segments, WMG’s digital recorded music revenue grew by 20% to $870m, thus accounting for just under 63% of its recorded music revenues.
Meanwhile, Warner Chappell’s digital revenues grew by 34% to $133m, accounting for just over 58% of its total. “Hitting an all-time high in our 18 years as a standalone company is proof that we’ve never been stronger,” said CEO Steve Cooper. “At the same time, we’ve never had so much opportunity ahead of us.”