Digital was Warner Music’s largest product and service line in fiscal 2025, bringing in $4.39B of $6.71B (66%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Total Digital & Physical | $3.87B | — | — | — | |||||
| Digital | — | $3.99B | $4.28B | $4.39B | |||||
| Artist Services & Expanded-Rights | $767.00M | $744.00M | $684.00M | $835.00M | |||||
| Physical | $563.00M | $507.00M | $519.00M | $527.00M | |||||
| Licensing | $331.00M | $382.00M | $501.00M | $452.00M | |||||
| Performance | $159.00M | $173.00M | $198.00M | $228.00M | |||||
| Synchronization | $172.00M | $167.00M | $175.00M | $197.00M | |||||
| Mechanical | $50.00M | $63.00M | $58.00M | $63.00M | |||||
| Other | $14.00M | $16.00M | $16.00M | $18.00M | |||||
| Corporate Expenses & Eliminations | -$5.00M | -$6.00M | -$7.00M | -$7.00M | |||||
| Intersegment Eliminations | -$5.00M | — | — | — | |||||
| Total | $5.91B | $6.04B | $6.43B | $6.71B |
Warner Music brought in $6.71B from its nine product and service lines in fiscal 2025, the year ended September 30, 2025. That was up 4.4% from $6.43B in fiscal 2024. Digital was the largest at $4.39B (65.5%), ahead of Artist Services & Expanded-Rights at $835.00M (12.4%) and Physical at $527.00M (7.9%). The other five lines brought in $958.00M combined.
Compared with fiscal 2024, Artist Services & Expanded-Rights grew fastest, up 22.1% to $835.00M, while Licensing fell the most, down 9.8% to $452.00M.
Warner Music stopped reporting Total Digital & Physical as a separate line after fiscal 2022, when it brought in $3.87B. The total is net of Corporate Expenses & Eliminations, which took $7.00M off revenue in fiscal 2025.
United States was Warner Music’s largest region in fiscal 2025, bringing in $2.87B of $6.71B (43%).
| Geography | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| International | — | — | — | — | ||||||||||
| United States | $2.74B | $2.77B | $2.87B | $2.87B | ||||||||||
| All Other Territories | $1.83B | $2.01B | $2.27B | $2.46B | ||||||||||
| United Kingdom | $734.00M | $726.00M | $774.00M | $857.00M | ||||||||||
| Germany | $613.00M | $535.00M | $513.00M | $515.00M | ||||||||||
| Intersegment Eliminations | — | — | — | — | ||||||||||
| Total | $5.92B | $6.04B | $6.43B | $6.71B |
Warner Music brought in $6.71B from its four regions in fiscal 2025, the year ended September 30, 2025. That was up 4.4% from $6.43B in fiscal 2024. United States was the largest at $2.87B (42.9%), ahead of All Other Territories at $2.46B (36.7%) and United Kingdom at $857.00M (12.8%). The remaining region, Germany, brought in $515.00M.
Compared with fiscal 2024, United Kingdom grew fastest, up 10.7% to $857.00M. Every region above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these regions grew from $5.92B to $6.71B, a compound annual growth rate of 4.3%. United States' share of the total fell from 46.4% to 42.9%.
Recorded Music was Warner Music’s largest segment in fiscal 2025, bringing in $5.41B of $6.71B (81%).
| Segment | FY 2010 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Recorded Music | $4.97B | $4.96B | $5.22B | $5.41B | ||||||||||
| Music Publishing | $958.00M | $1.09B | $1.21B | $1.31B | ||||||||||
| Intersegment Eliminations | -$5.00M | -$6.00M | — | — | ||||||||||
| Corporate Expenses & Eliminations | -$5.00M | -$6.00M | -$7.00M | -$7.00M | ||||||||||
| Total | $5.91B | $6.03B | $6.43B | $6.71B |
Warner Music brought in $6.71B from its three segments in fiscal 2025, the year ended September 30, 2025. That was up 4.4% from $6.43B in fiscal 2024. Recorded Music was the largest at $5.41B (80.6%), ahead of Music Publishing at $1.31B (19.5%).
Compared with fiscal 2024, Music Publishing grew 7.9% to $1.31B and Recorded Music grew 3.5% to $5.41B.
The total is net of Corporate Expenses & Eliminations, which took $7.00M off revenue in fiscal 2025.
Warner Music (WMG) reports its revenue by product and service, by geography and by segment. In fiscal 2025, Digital was its largest product and service line, bringing in $4.39B (65.5% of the total), followed by Artist Services & Expanded-Rights at $835.00M (12.4%).
Digital was Warner Music's largest product and service line in fiscal 2025, bringing in $4.39B, or 65.5% of the $6.71B total across its nine product and service lines.
United States was Warner Music's largest region in fiscal 2025, bringing in $2.87B, or 42.9% of the $6.71B total across its four regions.
Recorded Music was Warner Music's largest segment in fiscal 2025, bringing in $5.41B, or 80.6% of the $6.71B total across its three segments.
Among Warner Music's product and service lines that make up at least 2% of revenue, Artist Services & Expanded-Rights grew fastest in fiscal 2025, up 22.1% from $684.00M to $835.00M.
Every figure comes from Warner Music's annual financial filings, as reported. Each line keeps the name Warner Music gives it, and years follow its fiscal calendar.
Warner Music's revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.