Warner revenues hit 12% as Big Three post double-digit growth in Q2

Universal revenues led the pack of three, posting 17.3% year-on-year growth at constant currency across all its business to reach €2.54bn ($2.63bn). Sony, meanwhile, reported a $2.03bn increase for its operations, which represented an 11.2% jump year-on-year.

Warner’s recorded music streaming generated $773m, up a slight 2.7% compared to the same period last year. The company said music streaming growth was affected by $11m catch-up payment from an unnamed streaming platform given to WMG and a “new deal with one of [our] digital partners, consistent with the prior two quarters.”

Recorded music revenues were up 8.5% year-over-year to $1.19bn, with physical recorded music revenues gaining 1.7% year-on-year to $123m.

Sony’s global recorded music business posted $1.54bn, up 11.2% year-on-year. Music streaming generated $1.08bn, a 7.9% uptake year-on-year, while physical music sales returned $198m.

In terms of publishing, Sony generated $487.3m, up 13.2% year-on-year, while UMG returned €476m, a 50.6% jump year-on-year. Warner’s publishing arm, meanwhile, returned 34.6% year-on-year growth to reach $245m, while its artist services and expanded-rights revenue (ASER) business grew significant $190m, representing a 55.7% hike.

WMG also joined UMG, which recently signed new deals with Meta that will deliver additional revenue in Q4.

Speaking to investors, WMG’s outgoing CEO Steve Cooper said: “We delivered solid double-digit growth on a constant-currency basis, even against the backdrop of a slowdown in the advertising market and some one-time items affecting year-over-year comparisons.

“In June, we saw the beginning of a new wave of amazing releases and we’re looking forward to a strong end to our fiscal year. Long term, we have the scale to best capitalise on trends in artist development, and the agility and resources to continue to propel the globalisation and diversification of our business.”