Warner Music Group (WMG) delivered a mixed Q3 2024 performance characterized by modest total revenue growth, strong streaming momentum, and continued profitability expansion on a normalized basis. Total revenue rose 1% year over year to $1.554 billion, with normalized growth of 3% supported by a 14% subscription streaming uplift and solid gains in Music Publishing (up 9% reported, 12% normalized). Recorded Music declined 1% but was offset by Streaming strength, while publishing benefited from streaming, performance and sync revenues. Adjusted OIBDA increased 8% year over year, with a reported margin of about 20.3% (normalized OIBDA up ~10% with ~160–130 bps margin expansion). The quarter also reflected ongoing strategic changes, including a four-region structure for Recorded Music and consolidation of U.S. frontline labels and acquisitions (e.g., 10K Projects into Atlantic) as part of a broader push for operating leverage and global content-monetization capabilities. Management signaled confidence in the durable demand for streaming, aided by price optimization, catalog growth, and expanded platform partnerships, while acknowledging headwinds from ad-market softness and the upcoming roll-offs from BMG distribution and Meta’s reduced premium music video licensing. Free cash flow remained strong at $160 million, with operating cash flow conversion around 59% of adjusted OIBDA, keeping Warner on track for its multiyear targets. The company’s leverage remains meaningful, with net debt around $3.65 billion and a reported net debt-to-EBITDA posture that warrants monitoring as the company continues to invest in growth initiatives and the catalog-heavy asset base.