WMG had another strong quarter in Q3 2022, with its financial results revealing a 9% year-on-year growth in the major’s revenues to just under $1.5bn last quarter (its fiscal Q4).
At ‘constant currency’ (a financial calculation taking currency fluctuations into account) the growth was 16%. Switching back to unconstant growth metrics, WMG’s revenues for recorded music were up 6% to $1.24bn, while its music publishing revenues leapt by 24% to $254m.
Digital accounted for two thirds of the overall total. That’s actually slightly down year-on-year (from 67.3% to 66.1%) which WMG said was due to strong growth for artist services, expanded rights and licensing revenues, and publishing performance income.
The fact that this was the final quarter of WMG’s fiscal year means we also have figures for the year as a whole: $5.92bn of overall revenues, up 12% year-on-year.
In WMG’s earnings call, outgoing CEO Steve Cooper hailed recent price increases by Apple Music and Deezer. “Music remains undervalued, but we’re optimistic that there will be other increases to come,” he said.
From January, an exec from that streaming world will be tasked with continuing WMG’s growth as Cooper’s successor: YouTube’s Robert Kyncl.