Welcome to our dedicated page for Warner Music Group news (Ticker: WMG), a resource for investors and traders seeking the latest updates and insights on Warner Music Group stock.
Warner Music Group Corp. (WMG), trading under the symbol WMG, is one of the largest and most influential music companies globally. Home to a diverse roster of new stars and legendary artists, WMG boasts a collection of prestigious record labels such as Atlantic, Warner Records, Parlophone, and Reprise, alongside others like Asylum, Elektra, Fueled By Ramen, and Nonesuch.
The company operates through two primary segments: Recorded Music and Music Publishing. Its recorded music division includes iconic labels that manage some of the world's most renowned artists including Ed Sheeran, Cardi B, Dua Lipa, and Blake Shelton. Warner Chappell, the music publishing arm, manages over 1 million copyrights and 65,000 songwriters, making it a leader in the industry.
WMG's recent achievements highlight its dynamic growth and adaptability. Notably, the company announced a groundbreaking partnership with Megan Thee Stallion allowing her to maintain artistic independence while leveraging WMG's global resources. This agreement underscores WMG's commitment to fostering long-term creative and financial success for its artists.
Financially, WMG has shown resilience and robust growth. For the quarter ending December 31, 2023, the company reported a 17.5% increase in revenue to $1.51 billion, driven by an uptick in digital streaming and licensing revenues. Adjusted OIBDA surged by 34.6% to $451 million, signifying strong operational performance.
Recently, WMG has made strategic moves to expand its global footprint. In February 2024, Nora Fatehi signed her first major global record deal with WMG, aimed at boosting her international music career. This move marks WMG's continued investment in diversifying its artist portfolio and reaching new markets.
Moreover, WMG has strengthened its presence in India through an expanded partnership with Global Music Junction, enhancing its influence in central Indian music markets like Bhojpuri and Haryanvi. This strategic investment aligns with WMG's vision to support regional artists and tap into the fast-growing Indian music industry.
WMG's commitment to innovation is evident through its wide array of services including artist and label services offered by ADA and its next-gen artist services division, WMX. Additionally, the company engages in storytelling through Warner Music Entertainment and content creation via IMGN.
Controlled by Access Industries, WMG maintains an 84% economic interest and 99% voting rights, ensuring stability and long-term vision. With a global presence spanning over 70 countries, WMG continues to play a pivotal role in shaping the future of music and entertainment, standing as a testament to over 200 years of rich musical legacy.
Warner Music Group (WMG) has announced that its Executive Vice President and Chief Financial Officer, Bryan Castellani, will participate in a Q&A session at the J.P. Morgan Global Technology, Media and Communications Conference on May 21, 2024, at 10:50 a.m. ET.
The session will be available via a live webcast on WMG's Investor Relations website, with a replay accessible afterward in the Past Events section.
Warner Music Group Corp. declared a regular quarterly cash dividend of $0.17 per share on its Class A Common Stock and Class B Common Stock, payable on June 3, 2024, to stockholders of record as of May 23, 2024.
Warner Music Group Corp. reported solid results for the fiscal second quarter ended March 31, 2024, driven by growth in recorded music and music publishing. Total revenue increased by 7%, with net income reaching $96 million. Operating income decreased by 4% to $119 million, while adjusted OIBDA increased by 9% to $312 million. The company highlighted an acceleration in subscription streaming and revenue growth of 19% in music publishing. WMG reiterated their full-year operating cash flow conversion guidance and remains focused on long-term growth.
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