The Warner Music Group posted $1.34 billion in revenue for its fiscal third quarter ended June 30, the company announced today (Aug. 3). That represents a 32.7% revenue growth over the same period last year, fueled by 33.8% growth in recorded music revenues, up to $1.15 billion from 2020’s pandemic-hit $861 million.
That growth was driven largely by a big jump in digital revenues, which grew 28.9% in the third quarter to $928 million. As a share of total revenue, however, digital actually shrunk compared to the same period last year (69.3% vs. 71.3%), due to a 155% increase in physical revenue from recorded music, which ballooned from $51 million in 2020 to $130 million in 2021, as vinyl sales soared over the past year during the pandemic (up 109% overall in the first half of 2021, according to MRC Data). Meanwhile, music publishing revenue increased 27% to $189 million, while artist services and expanded rights (up 7.3% to $133 million) and licensing revenues (up 32% to $74 million) also grew.
Over the first nine months of the year, WMG posted $3.93 billion in revenue, up 18% over the $3.34 billion it had accrued over the first nine months of 2020. Of that, recorded music revenues ($3.37 billion) grew at the same 18% clip, while publishing revenue ($556 million) is up 14% over the prior year.