Warner Music Earnings: Music Streaming and Publishing Revenue Drive Growth Acceleration

Warner Music started fiscal 2024 on a positive note, showing continued growth on nearly all fronts as the top line and bottom line accelerated by double digits. The recorded music streaming and publishing segments benefited from a strong release slate in the first quarter and digital service platform price increases in the second half of 2023. We expect that further price increases and efforts to better monetize royalties will continue to attract new and established artists and drive long-term and durable growth. We maintain our $36 fair value estimate.