0001319161-24-000039 | 10-K | XBRL Viewer

Revenue Recognition

12 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

For our operating segments, Recorded Music and Music Publishing, the Company accounts for a contract when it has legally enforceable rights and obligations and collectability of consideration is probable. The Company identifies the performance obligations and determines the transaction price associated with the contract, which is then allocated to each performance obligation, using management’s best estimate of standalone selling price for arrangements with multiple performance obligations. Revenue is recognized when, or as, control of the promised services or goods is transferred to the Company’s customers, and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. An estimate of variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Certain of the Company’s arrangements include licenses of intellectual property with consideration in the form of sales- and usage-based royalties. Royalty revenue is recognized when the subsequent sale or usage occurs using the best estimates available of the amounts that will be received by the Company. Within revenues, there may be settlements related to past infringements of our intellectual property.

Disaggregation of Revenue

The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Revenue by Type
Digital	$	3,519	$	3,322	$	3,305
Physical	519		507		563
Total Digital and Physical	4,038		3,829		3,868
Artist services and expanded-rights	684		744		767
Licensing	501		382		331
Total Recorded Music	5,223		4,955		4,966
Performance	198		173		159
Digital	763		669		563
Mechanical	58		63		50
Synchronization	175		167		172
Other	16		16		14
Total Music Publishing	1,210		1,088		958
Intersegment eliminations	(7)		(6)		(5)
Total Revenues	$	6,426	$	6,037	$	5,919
Revenue by Geographical Location
U.S. Recorded Music	$	2,210	$	2,184	$	2,231
U.S. Music Publishing	660		582		513
Total U.S.	2,870		2,766		2,744
International Recorded Music	3,013		2,771		2,735
International Music Publishing	550		506		445
Total International	3,563		3,277		3,180
Intersegment eliminations	(7)		(6)		(5)
Total Revenues	$	6,426	$	6,037	$	5,919

Recorded Music

Recorded Music mainly involves selling, marketing, distribution and licensing of recorded music produced by the Company’s recording artists. Recorded Music revenues are derived from four main sources, which include digital, physical, artist services and expanded-rights, and licensing.

Digital revenues are generated from the expanded universe of digital partners, including digital streaming services and download services. These licenses typically contain a single performance obligation, which is ongoing access to all intellectual property in an evolving content library, predicated on: (1) the business practice and contractual ability to remove specific content

without a requirement to replace the content and without impact to minimum royalty guarantees and (2) the contracts not containing a specific listing of content subject to the license. Digital licensing contracts are generally long-term with consideration in the form of sales- and usage-based royalties that are typically received monthly. Certain contracts contain minimum guarantees, which are recoupable against royalties. Upon contract inception, the Company will assess whether a shortfall or breakage is expected (i.e., where the minimum guarantee will not be recouped through royalties) in order to determine timing of revenue recognition for the minimum guarantee.

For fixed fee contracts and minimum guarantee contracts where breakage is expected, the total transaction price (fixed fee or minimum guarantee) is recognized proportionately over the contract term using an appropriate measure of progress which is based on the Company’s digital partner’s subscribers or streaming activity as these are measures of access to an evolving catalog, or on a straight-line basis. The Company updates its assessment of the transaction price each reporting period to see if anticipated royalty earnings exceed the minimum guarantee. For contracts where breakage is not expected, royalties are recognized as revenue as sales or usage occurs based upon the licensee’s usage reports and, when these reports are not available, revenue is based on historical data, industry information and other relevant trends.

Additionally, for certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer.

Physical revenues are generated from the sale of physical products such as vinyl, CDs and DVDs. Revenues from the sale of physical Recorded Music products are recognized upon transfer of control to the customer, which typically occurs once the product has been shipped and the ability to direct use and obtain substantially all of the benefit from the asset have been transferred. In accordance with industry practice and as is customary in many territories, certain products, such as vinyl, CDs and DVDs, are sold to customers with the right to return unsold items. Revenues from such sales are generally recognized upon shipment based on gross sales less a provision for future estimated returns.

Artist services and expanded-rights revenues are generated from artist services businesses and participation in expanded-rights associated with artists, including advertising, merchandising including direct-to-consumer sales, touring, concert promotion, ticketing, sponsorship, fan clubs, artist websites, social publishing, and artist and brand management. Artist services and expanded-rights contracts are generally short term. Revenue is recognized as or when services are provided (e.g., at time of an artist’s event) assuming collectability is probable. In some cases, the Company is reliant on the artist to report revenue generating activities. For certain artist services and expanded-rights contracts, collectability is not considered probable until notification is received from the artist’s management. Revenues from the sale of products sold through our e-commerce websites are recognized when control of the goods is transferred to the customer, which is upon receipt of finished goods by the customer.

Licensing revenues represent royalties or fees for the right to use sound recordings in combination with visual images such as in films or television programs, television commercials and video games. In certain territories, the Company may also receive royalties when sound recordings are performed publicly through broadcast of music on television, radio and cable and in public spaces such as shops, workplaces, restaurants, bars and clubs. Licensing contracts are generally short term. For fixed-fee contracts, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Royalty based contracts are recognized as the underlying sales or usage occurs.

Music Publishing

Music Publishing acts as a copyright owner and/or administrator of the musical compositions and generates revenues related to the exploitation of musical compositions (as opposed to recorded music). Music publishers generally receive royalties from the use of the musical compositions in public performances, digital and physical recordings and in combination with visual images. Music publishing revenues are derived from five main sources: mechanical, performance, synchronization, digital and other.

Digital revenues are generated with respect to the musical compositions being embodied in recordings licensed to digital streaming services and digital download services and for digital performance. Performance revenues are received when the musical composition is performed publicly through broadcast of music on television, radio and cable and in retail locations (e.g., bars and restaurants), live performance at a concert or other venue (e.g., arena concerts and nightclubs) and performance of musical compositions in staged theatrical productions. Mechanical revenues are generated with respect to the musical compositions embodied in recordings sold in any physical format or configuration such as vinyl, CDs and DVDs. Synchronization revenues represent the right to use the composition in combination with visual images such as in films or television programs, television commercials and video games as well as from other uses such as in toys or novelty items and merchandise. Other revenues represent earnings for use in printed sheet music and other uses. Digital and synchronization revenue recognition is similar for both Recorded Music and Music Publishing, therefore refer to the discussion within Recorded Music.

Included in these revenue streams, excluding synchronization and other, are licenses with performing rights organizations or collecting societies (e.g., ASCAP, BMI, SESAC and GEMA), which are long-term contracts containing a single performance obligation, which is ongoing access to all intellectual property in an evolving content library. The most common form of consideration for these contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports and, when these reports are not available, royalties are estimated based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends. Also included in these revenue streams are smaller, short-term contracts for specified content, which generally involve a fixed fee. For fixed-fee contracts, revenue is recognized at the point in time when control of the license is transferred to the customer.

The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers.

Sales Returns and Uncollectible Accounts

In accordance with practice in the recorded music industry and as customary in many territories, certain physical revenue products (such as vinyl, CDs and DVDs) are sold to customers with the right to return unsold items. Revenues from such sales are recognized when the products are shipped based on gross sales less a provision for future estimated returns.

In determining the estimate of physical product sales that will be returned, management analyzes vendor sales of product, historical return trends, current economic conditions, changes in customer demand and commercial acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of physical product sales that provide the customer with the right of return and records an asset for the value of the returned goods and liability for the amounts expected to be refunded.

Similarly, management evaluates accounts receivables to determine if they will ultimately be collected. In performing this evaluation, significant judgments and estimates are involved, including an analysis of specific risks on a customer-by-customer basis for larger accounts and customers and a receivables aging analysis that determines the percent that has historically been uncollected by aged category, in addition to other factors to estimate an allowance for credit losses. The time between the Company’s issuance of an invoice and payment due date is not significant; customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date. Based on this information, management provides a reserve for estimated credit losses.

Based on management’s analysis of sales returns, refund liabilities of $20 million and $19 million were established at September 30, 2024 and September 30, 2023, respectively.

Based on management’s analysis of estimated credit losses, reserves of $26 million and $19 million were established at September 30, 2024 and September 30, 2023, respectively.

Principal versus Agent Revenue Recognition

The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.

In the normal course of business, the Company distributes music content on behalf of third-party record labels. Based on the above guidance, the Company records the distribution of content of third-party record labels on a gross basis, subject to the terms of the contract, as the Company controls the content before transfer to the customer. Conversely, recorded music distributed by other record companies where the Company has a right to participate in the profits are recorded on a net basis.

Deferred Revenue

Deferred revenue principally relates to fixed fees and minimum guarantees received in advance of the Company’s performance or usage by the licensee. Reductions in deferred revenue are a result of the Company’s performance under the contract or usage by the licensee.

Deferred revenue increased by $645 million during the fiscal year ended September 30, 2024 and $724 million during the fiscal year ended September 30, 2023 related to cash received from customers for fixed fees and minimum guarantees in advance of performance, including amounts recognized in the period. Revenue recognized during the fiscal years ended September 30, 2024 and 2023 which was included in the deferred revenue balance at the beginning of each respective period was $330 million and $393 million. There were no other significant changes to deferred revenue during the reporting period.

Performance Obligations

For the fiscal years ended September 30, 2024, 2023 and 2022, the Company recognized revenue of $122 million, $91 million and $59 million, respectively, from performance obligations satisfied in previous periods.

Wholly and partially unsatisfied performance obligations represent future revenues not yet recorded under long-term intellectual property licensing contracts containing fixed fees, advances and minimum guarantees. Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at September 30, 2024 are as follows:


	FY25		FY26		FY27		Thereafter		Total
	(in millions)
Remaining performance obligations	$	445	$	153	$	5	$	1	$	604
Total	$	445	$	153	$	5	$	1	$	604

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Firm's expected commitments	$ 558	$ 383
Other off-balance sheet commitments to investees	$ 79	$ 46

Restructuring and Impairments

12 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Impairments

Strategic Restructuring Plan

In 2024, the Company announced a strategic restructuring plan (the “Strategic Restructuring Plan”) designed to free up additional funds to invest in music and accelerate the Company’s growth for the next decade. Under the Strategic Restructuring Plan, the Company expects a reduction in headcount of approximately 13% of the Company’s overall headcount. The Company expects to incur total non-recurring restructuring charges of approximately $210 million or approximately $135 million of total non-recurring after tax charges. The expected pre-tax charges include approximately $148 million of severance and other termination costs and $7 million of other non-cash charges, along with approximately $55 million of non-cash impairment charges primarily in connection with the disposal or winding down of the Company’s non-core owned and operated media properties including the Company’s O&O Media Properties. The majority of severance payments and other termination costs are expected to be paid by the end of fiscal year 2026.

For the fiscal year ended September 30, 2024, the Company recognized a total of $178 million of restructuring and impairments in connection with the Strategic Restructuring Plan. Total severance and other termination costs were $121 million, of which, $113 million was recognized in our Recorded Music segment and $8 million was recognized in Corporate. The below table sets

forth the activity for the fiscal year ended September 30, 2024 for restructuring liabilities associated with the Strategic Restructuring Plan which are expected to be paid in cash and are included within accrued liabilities in the accompanying consolidated balance sheets.


	Severance Costs		Contract Termination Costs		Total
	(in millions)
Balance at September 30, 2023	$	—	$	—	$	—
Restructuring charges	116		5		121
Cash payments	(17)		—		(17)
Balance at September 30, 2024	$	99	$	5	$	104

Additionally, for the fiscal year ended September 30, 2024, the Company recognized $57 million of non-cash restructuring and impairments which was comprised of $50 million of impairment losses on unamortized intangible assets and $7 million of non-cash restructuring related to equity awards approved but not yet granted, of which, $54 million was recognized in our Recorded Music segment and $3 million was recognized in Corporate. Impairment charges recognized primarily relate to the winding down of the Company’s O&O Media Properties.

2023 Restructuring Plan

In March 2023, the Company announced a restructuring plan (the “2023 Restructuring Plan”) intended to drive the evolution of the Company and position the Company for long-term growth, primarily through headcount reductions. The 2023 Restructuring Plan is substantially complete as of September 30, 2024. There was a $1 million benefit associated with the 2023 Restructuring Plan recorded for the fiscal year ended September 30, 2024 primarily associated with a change in estimate for costs previously recorded. During the fiscal year ended September 30, 2023, the Company recognized restructuring charges of approximately $40 million for severance costs. Amounts for both periods were recorded in the Recorded Music segment.

The following table sets forth the activity for the fiscal year ended September 30, 2024 in the restructuring accrual associated with the 2023 Restructuring Plan included within accrued liabilities in the accompanying consolidated balance sheets:


	Severance Costs
	(in millions)
Balance at September 30, 2023	$	19
Restructuring charges	(1)
Cash payments	(15)
Balance at September 30, 2024	$	3

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) source	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Refund liabilities	$ 20	$ 19
Uncollectible accounts, reserves	26	19
Deferred revenue increased related to cash received from customers	645	724
Revenue recognized related to deferred revenue	330	393
Revenue recognized from performance obligations satisfied in previous periods	$ 122	$ 91	$ 59
Recorded Music
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source	4
Music Publishing
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source	5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Extended lease term	10 years
Lessee, operating lease, termination period	1 year
Operating lease liabilities	$ 273	$ 296
Operating lease expense	26	25
Lease obligation for operating leases not yet commenced	$ 7
Term of contract for leases not yet commenced	5 years
Affiliated entity
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 99	$ 110
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	19 years

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits Including Interest and Penalties (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 13	$ 8	$ 12
Additions for current year tax positions	2	3	0
Additions for prior year tax positions	0	9	1
Subtractions for prior year tax positions	(3)	(7)	(5)
Settlements	(2)	0	0
Ending Balance	$ 10	$ 13	$ 8

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Depreciation expense	$ (103)	$ (87)	$ (76)

Debt

12 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt Capitalization

Long-term debt, all of which was issued by Acquisition Corp., consists of the following:


	September 30, 2024		September 30, 2023
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2031	1,295		1,295
2.750% Senior Secured Notes due 2028 (€325 face amount)	363		343
3.750% Senior Secured Notes due 2029	540		540
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	497		471
3.000% Senior Secured Notes due 2031	800		800
Term Loan Mortgage	$	18	$	18
Total long-term debt, including the current portion	$	4,048	$	4,002
Issuance premium less unamortized discount and unamortized deferred financing costs	$	(34)	$	(38)
Total long-term debt, including the current portion, net	$	4,014	$	3,964

______________________________________

(a)Reflects $350 million of commitments under the Revolving Credit Facility with no letters of credit outstanding at September 30, 2024 and less letters of credit outstanding of approximately $2 million at September 30, 2023, respectively. There were no loans outstanding under the Revolving Credit Facility at September 30, 2024 or September 30, 2023.

The Company is the direct parent of Holdings, which is the direct parent of Acquisition Corp. As of September 30, 2024 Acquisition Corp. had issued and outstanding the 2.750% Senior Secured Notes due 2028, the 3.750% Senior Secured Notes due

2029, the 3.875% Senior Secured Notes due 2030, the 2.250% Senior Secured Notes due 2031 and the 3.000% Senior Secured

Notes due 2031 (together, the “Acquisition Corp. Notes”).

All of the Acquisition Corp. Notes are guaranteed by all of Acquisition Corp.’s domestic wholly-owned subsidiaries. The guarantee of the Acquisition Corp. Notes by Acquisition Corp.’s domestic wholly-owned subsidiaries is full, unconditional and joint and several. The secured notes are guaranteed on a senior secured basis.

The Company and Holdings are holding companies that conduct substantially all of their business operations through Acquisition Corp. Accordingly, while Acquisition Corp. and its subsidiaries are not currently restricted from distributing funds to the Company and Holdings under the indentures for the Acquisition Corp. Notes or the credit agreements for the Acquisition Corp. Senior Credit Facilities, including the Revolving Credit Facility and the Senior Term Loan Facility, should Acquisition Corp.’s Total Indebtedness to EBITDA Ratio increase above 3.50:1.00 and the term loans not achieve an investment grade rating, certain covenants under the Revolving Credit Facility, which are currently suspended, will be reinstated and the ability of the Company and Holdings to obtain funds from their subsidiaries will be restricted by the Revolving Credit Facility. The Company was in compliance with its all of its covenants that are not currently suspended under its outstanding notes, the Revolving Credit Facility and the Senior Term Loan Facility as of September 30, 2024.

Fiscal 2024 Transactions

November 2023 Revolving Credit Agreement Amendment

On November 30, 2023, Acquisition Corp. entered into an amendment (the “Fifth Revolving Credit Agreement Amendment”) to the revolving credit agreement, dated January 31, 2018, as amended, among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, Cayman Islands Branch, as predecessor administrative agent, governing Acquisition Corp.’s revolving credit facility (the “Revolving Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Fifth Revolving Credit Agreement Amendment (among other changes): (i) increased the commitments under the Fifth Revolving Credit Agreement Amendment from an aggregate principal amount of $300 million to an aggregate principal amount of $350 million, (ii) extended the final maturity date of the Revolving Credit Facility from April 3, 2025 to November 30, 2028, (iii) appointed JPMorgan Chase Bank, N.A. as administrative agent in the place of Credit Suisse AG, Cayman Islands Branch, (iv) modified the existing springing Secured Indebtedness to EBITDA Ratio financial maintenance covenant by increasing the springing threshold from $105,000,000 to $140,000,000, and (v) included provisions that allow Acquisition Corp. to terminate the security interests securing the obligations

under the Revolving Credit Facility upon the satisfaction of certain conditions and, in the event that the security interests are so terminated, the existing springing Secured Indebtedness to EBITDA Ratio financial maintenance covenant (which is calculated net of up to $250 million of cash and cash equivalents held by Acquisition Corp. and its restricted subsidiaries) shall automatically be replaced with a new financial maintenance covenant prohibiting Acquisition Corp. from permitting the Total Indebtedness to EBITDA Ratio to be greater than 3.60:1.00 (calculated net of all cash and cash equivalents held by Acquisition Corp. and its restricted subsidiaries) as of the end of any fiscal quarter.

December 2023 Senior Term Loan Credit Agreement Amendment

On December 29, 2023, Acquisition Corp. entered into an amendment (the “Thirteenth Amendment”) to the Senior Term Loan Credit Agreement among Acquisition Corp., the other loan parties, Holdings, each lender party hereto, Credit Suisse AG, Cayman Islands Branch as the resigning administrative agent, and JPMorgan Chase Bank, N.A, as the successor administrative agent. The Thirteenth Amendment appointed JPMorgan Chase Bank, N.A. as administrative agent in the place of Credit Suisse AG, Cayman Islands Branch.

January 2024 Senior Term Loan Credit Agreement Amendment

On January 24, 2024, Acquisition Corp entered into an amendment (the “Fourteenth Amendment”) to the credit agreement, dated November 1, 2012 (as amended by the amendments dated as of May 9, 2013, July 15, 2016, November 21, 2016, May 22, 2017, December 6, 2017, March 14, 2018, June 7, 2018, January 20, 2021, March 8, 2021, November 1, 2022, May 10, 2023, June 30, 2023 and December 29, 2023), among Acquisition Corp., the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, governing Acquisition Corp.’s senior secured term loan facility with JPMorgan Chase Bank N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Fourteenth Amendment (among other changes) extends the maturity date of its outstanding term loans from January 20, 2028 to January 24, 2031 through the issuance of tranche I term loans and refinancing of the existing tranche G term loans. The tranche I term loans shall bear interest at a rate equal to, at Acquisition Corp.’s election (i) the forward-looking term rate based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable interest period (“Term SOFR”) subject to a zero floor, plus 2.00% per annum or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) one-month Term SOFR, plus 1.00% per annum, in each case, subject to a 1.00% floor, plus 1.00% per annum. In connection with the Fourteenth Amendment, the Company recognized approximately $3 million of expenses associated with fees paid to third parties and capitalized approximately $2 million in fees paid to creditors. Certain participating lenders were repaid and replaced by new lenders. The proceeds and repayments of $42 million have been presented in the accompanying consolidated statement of cash flows.

September 2024 Senior Term Loan Credit Agreement Amendment

On September 17, 2024, Acquisition Corp. entered into an amendment (the “Fifteenth Amendment”) to the credit agreement, dated November 1, 2012 (as amended by the amendments dated as of May 9, 2013, July 15, 2016, November 21, 2016, May 22, 2017, December 6, 2017, March 14, 2018, June 7, 2018, January 20, 2021, March 8, 2021, November 1, 2022, May 10, 2023, June 30, 2023, December 29, 2023 and January 24, 2024), among Acquisition Corp., the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, governing Acquisition Corp.’s senior secured term loan facility with JPMorgan Chase Bank N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Fifteenth Amendment (among other changes) reprices the term loans through the issuance of tranche J term loans and the refinancing of the existing tranche I term loans. The tranche J term loans shall bear interest at a rate equal to, at Acquisition Corp.’s election (i) Term SOFR subject to a zero floor, plus 1.75% per annum or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) one-month Term SOFR, plus 1.00% per annum, in each case, subject to a 1.00% floor, plus 1.00% per annum. In connection with the Fifteenth Amendment, the Company recognized approximately $2 million of expenses associated with fees paid to third parties. Certain participating lenders were repaid and replaced by new lenders. The proceeds and repayments of $62 million have been presented in the accompanying consolidated statement of cash flows.

September 2024 Revolving Credit Agreement Amendment

On September 20, 2024, Acquisition Corp. entered into an amendment (the “Sixth Revolving Credit Agreement Amendment”) to the revolving credit agreement, dated January 31, 2018, as amended, among Acquisition Corp., the several banks and other financial institutions party thereto and Credit Suisse AG, Cayman Islands Branch, as predecessor administrative agent, governing the Revolving Credit Facility with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Sixth Revolving Credit Agreement Amendment amended the leverage ratios so that

the leverage ratios are calculated net of up to $750 million of cash and cash equivalents held by Acquisition Corp. and its restricted subsidiaries as of the date of determination.

Historical Transactions

Senior Term Loan Facility Amendment

On November 1, 2022, Acquisition Corp. entered into a Seventh Incremental Commitment Amendment (the “Seventh Incremental Commitment Amendment”), with Credit Suisse AG, New York Branch, as Tranche H term lender, and Credit Suisse AG, as administrative agent, and acknowledged by the guarantors party thereto and WMG Holdings Corp., to the Senior Term Loan Credit Agreement, pursuant to which Acquisition Corp. borrowed additional term loans in the amount of $150 million for an aggregate principal amount outstanding under the Senior Term Loan Credit Agreement of $1,295 million. The Seventh Incremental Commitment Amendment was entered into to fund certain deferred payment obligations owing in respect of certain prior acquisitions, to pay fees and expenses relating thereto and for general corporate purposes.

Term Loan Mortgage Agreement

On January 27, 2023, Acquisition Corp., along with Warner Records Inc. and Warner Music Inc., entered into an agreement with Truist Bank, which provides for a term loan of $19 million (“Term Loan Mortgage”) secured by the Company’s real estate properties in Nashville, Tennessee. Interest on the Term Loan Mortgage will accrue at a rate of 30-day SOFR plus the applicable margin of 1.40% subject to a zero floor. Equal principal installments and interest are due monthly.

Revolving Credit Agreement Amendment

On March 23, 2023, Acquisition Corp. entered into an amendment (the “Fourth Revolving Credit Agreement Amendment”) to the Revolving Credit Agreement among Acquisition Corp. and Credit Suisse AG, as administrative agent, governing Acquisition Corp.’s revolving credit facility with Credit Suisse AG, as administrative agent, and the other financial institutions and lenders from time to time party thereto. The Fourth Revolving Credit Agreement Amendment provides for the replacement of LIBOR-based rates with a SOFR-based rate and other rates for alternate currencies, such as EURIBOR and SONIA. We utilized the expedients set forth in ASC Topic 848, including those relating to derivative instruments used in hedging relationships. This transition does not result in a financial impact to our consolidated financial statements.

May 2023 Senior Term Loan Credit Agreement Amendment

On May 10, 2023, Acquisition Corp. entered into an amendment (the “Senior Term Loan Credit Agreement Amendment”) to the Senior Term Loan Credit Agreement among Acquisition Corp., the guarantors party thereto and Credit Suisse AG, as administrative agent. The Senior Term Loan Credit Agreement Amendment provides for the replacement of LIBOR-based rates with a SOFR-based rate. We utilized the expedients set forth in ASC 848, including those relating to derivative instruments used in hedging relationships. This transition does not result in a financial impact to our consolidated financial statements.

June 2023 Senior Term Loan Credit Agreement Amendment

On June 30, 2023, Acquisition Corp. entered into an increase supplement (the “Third Increase Supplement”) to the Senior Term Loan Credit Agreement among Acquisition Corp., the guarantors party thereto, the lender party thereto and Credit Suisse AG, as administrative agent, pursuant to which Acquisition Corp. has borrowed additional Tranche G term loans in an amount equal to $150 million, the proceeds of which have been used to prepay the Tranche H term loans in full (see “Senior Term Loan Facility Amendment”), for an aggregate principal amount outstanding under the Senior Term Loan Credit Agreement of $1,295 million. The Company recorded a loss on extinguishment of debt of approximately $4 million for the fiscal year ended September 30, 2023, which represents the remaining unamortized discount and deferred financing costs of the Tranche H term loan.

Interest Rates

The loans under the Revolving Credit Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable interest period (“Revolving Term SOFR”), and other rates for alternate currencies, such as EURIBOR and SONIA, as provided in the Revolving Credit Agreement, subject to a zero floor, plus 1.75% per annum in the case of Initial Revolving Loans (as defined in the Revolving Credit Agreement), or 1.875% per annum in the case of 2020 Revolving Loans (as defined in the Revolving Credit Agreement), or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) the one-month Revolving Term SOFR plus 1.0% per annum, plus, in each case, 0.75% per annum in the case of Initial Revolving Loans, or 0.875% per annum in the case of 2020 Revolving Loans; provided that, in respect of 2020 Revolving Loans, the applicable margin with respect to such loans is subject to adjustment as set forth in the pricing grid in the Revolving Credit Agreement. Based on the Senior Secured Indebtedness to EBITDA Ratio of 2.05x at September 30, 2024, the applicable margin for SOFR loans and RFR loans would be 1.375% instead of 1.875% and the applicable margin for ABR loans would be 0.375% instead of 0.875% in the case of 2020 Revolving Loans. If there is a payment default at any time, then the interest rate applicable to overdue principal will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.

The loans under the Senior Term Loan Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the forward-looking term rate based on Term SOFR subject to a zero floor, plus 1.75% per annum or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) one-month Term SOFR, plus 1.00% per annum, subject to a 1.00% floor, plus, in each case, 1.00% per annum. If there is a payment default at any time, then the interest rate applicable to overdue principal and interest will be the rate otherwise applicable to such loan plus 2.00% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.00% per annum above the amount that would apply to an alternative base rate loan.

The term loan entered into on January 27, 2023 (the “Term Loan Mortgage”) bears interest at a rate of 30-day SOFR plus the applicable margin of 1.40%, subject to a zero floor.

The Company has entered into, and in the future may enter into, interest rate swaps to manage interest rate risk. Please refer to Note 17 of our consolidated financial statements for further discussion.

Maturity of Senior Term Loan Facility

The loans outstanding under the Senior Term Loan Facility mature on January 24, 2031.

Maturity of Revolving Credit Facility

The maturity date of the Revolving Credit Facility is November 30, 2028.

Maturities of Senior Secured Notes

As of September 30, 2024, there are no scheduled maturities of notes until 2028, when $363 million is scheduled to mature. Thereafter, $2.372 billion is scheduled to mature.

Maturity of Term Loan Mortgage

The maturity date of the Term Loan Mortgage is January 27, 2033, subject to a call option exercisable by Truist Bank at any time after January 27, 2028 if certain criteria relating to the Company’s creditworthiness are met.

Interest Expense, net

Total interest expense, net was $161 million, $141 million and $125 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively. Interest expense, net includes interest expense related to our outstanding indebtedness of $182 million, $157 million, $125 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively. The weighted-average interest rate of the Company’s total debt was 4.3% at September 30, 2024, 4.1% at September 30, 2023 and 3.5% at September 30, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Revenue Recognition - Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 604
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 445
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 153
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 5
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1
Revenue, remaining performance obligation, expected timing of satisfaction, period

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Schedule of Long-term Debt (Details) € in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Nov. 30, 2023 USD ($)	Nov. 29, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jan. 27, 2023 USD ($)	Sep. 30, 2022
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 4,048,000,000				$ 4,002,000,000
Issuance premium less unamortized discount and unamortized deferred financing costs	(34,000,000)				(38,000,000)
Total long-term debt, including the current portion, net	$ 4,014,000,000				$ 3,964,000,000
3.750% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	3.75%	3.75%			3.75%		3.75%
Acquisition Corp. \| Senior Term Loan Facility due 2031
Debt Instrument [Line Items]
Total long-term debt, including the current portion	$ 1,295,000,000				$ 1,295,000,000
Acquisition Corp. \| 2.750% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	2.75%	2.75%
Face or principal amount of debt instrument \| €		€ 325
Total long-term debt, including the current portion	$ 363,000,000				343,000,000
Acquisition Corp. \| 3.750% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	3.75%	3.75%
Total long-term debt, including the current portion	$ 540,000,000				540,000,000
Acquisition Corp. \| 3.875% Senior Secured Notes due 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	3.875%	3.875%
Total long-term debt, including the current portion	$ 535,000,000				535,000,000
Acquisition Corp. \| 2.250% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	2.25%	2.25%
Face or principal amount of debt instrument \| €		€ 445
Total long-term debt, including the current portion	$ 497,000,000				471,000,000
Acquisition Corp. \| 3.000% Senior Secured Notes due 2031
Debt Instrument [Line Items]
Interest rate (as a percent)	3.00%	3.00%
Total long-term debt, including the current portion	$ 800,000,000				800,000,000
Acquisition Corp. \| Term Loan Mortgage
Debt Instrument [Line Items]
Face or principal amount of debt instrument						$ 19,000,000
Total long-term debt, including the current portion	18,000,000				18,000,000
Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt, including the current portion	0				0
Line of credit facility, current borrowing capacity	350,000,000		$ 350,000,000	$ 300,000,000	350,000,000
Letters of credit outstanding	0				2,000,000
Revolving credit facility outstanding	$ 0				$ 0

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
2025	$ 58
2026	55
2027	52
2028	51
2029	48
Thereafter	63
Total lease payments	327
Less: Imputed interest	(54)
Total	$ 273	$ 296

Property, Plant and Equipment

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


	September 30, 2024		September 30, 2023
	(in millions)
Land	$	11	$	11
Buildings and improvements	216		194
Furniture and fixtures	45		37
Computer hardware and software	650		592
Construction in progress	132		107
Machinery and equipment	42		40
Gross Property, Plant and Equipment	$	1,096	$	981
Less: Accumulated depreciation	(615)		(523)
Net Property, Plant and Equipment	$	481	$	458

Leases (Tables)

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expenses

The components of lease expense were as follows:


	Fiscal Year Ended September 30,
	2024		2023
	(in millions)
Lease Cost
Operating lease cost	$	53	$	52
Short-term lease cost	—		—
Variable lease cost	12		13

Total lease cost	$	65	$	65

Schedule of Supplemental Cash Flow Disclosures Related to Leases

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended September 30,
	2024		2023
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	59	$	56
Right-of-use assets obtained in exchange for operating lease obligations	18		77

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	September 30, 2024			September 30, 2023
	(in millions)
Operating Leases
Operating lease right-of-use assets	$	225		$	245

Operating lease liabilities, current	$	45		$	41
Operating lease liabilities, noncurrent	228			255
Total operating lease liabilities	$	273		$	296

Weighted Average Remaining Lease Term
Operating leases	6 years			7 years
Weighted Average Discount Rate
Operating leases	5.56		%	5.55		%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:


Fiscal Year Ended September 30,	Operating Leases
	(in millions)
2025	$	58
2026	55
2027	52
2028	51
2029	48
Thereafter	63
Total lease payments	327
Less: Imputed interest	(54)
Total	$	273

Goodwill and Intangible Assets - Schedule of Changes in Goodwill for Each Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Roll Forward]
Beginning balance	$ 1,993	$ 1,920
Acquisitions	5	51
Other adjustments	23	22
Ending balance	2,021	1,993
Recorded Music
Goodwill [Roll Forward]
Beginning balance	1,529	1,456
Acquisitions	5	51
Other adjustments	23	22
Ending balance	1,557	1,529
Music Publishing
Goodwill [Roll Forward]
Beginning balance	464	464
Acquisitions	0	0
Other adjustments	0	0
Ending balance	$ 464	$ 464

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Earnings per Share

12 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

The Company utilizes the two-class method to report earnings per share. Basic earnings per share is computed by dividing net income available to each class of stock, less earnings available to participating securities, by the weighted average number of outstanding common shares for each class of stock. Diluted earnings per share is computed by dividing net income available to each class of stock, less earnings available to participating securities, by the weighted average number of outstanding common shares, plus dilutive potential common shares, which is calculated using the treasury-stock method. Under the treasury-stock method, potential common shares are excluded from the computation of EPS in periods in which they have an anti-dilutive effect. The potentially dilutive common shares did not have a dilutive effect on the Company’s EPS calculation for the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022.

The Company allocates dividends declared to Class A Common Stock and Class B Common Stock based on timing and amounts actually declared for each class of stock and the undistributed earnings are allocated to Class A Common Stock and Class B Common Stock pro rata on a basic weighted average shares outstanding basis since the two classes of stock participate equally on a per share basis upon liquidation.

The following table sets forth the calculation of basic and diluted net income per common share under the two-class method (in millions, except share amounts, which are reflected in thousands, and per share data):


	Fiscal Year Ended September 30,
	2024				2023				2022
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	122	$	313	$	119	$	311	$	149	$	402
Less: Net income attributable to participating securities (a)	(6)		—		(6)		—		(7)		—
Net income attributable to common stockholders	$	116	$	313	$	113	$	311	$	142	$	402
Denominator
Weighted average shares outstanding	140,882		376,641		138,070		377,650		133,662		381,046
Basic and Diluted EPS	$	0.83	$	0.83	$	0.82	$	0.82	$	1.06	$	1.06

______________________________________

(a)Participating securities include unvested restricted stock units, which include the right to receive non-forfeitable dividend equivalents.

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,426	$ 6,037	$ 5,919
United States
Disaggregation of Revenue [Line Items]
Total Revenues	2,870	2,766	2,744
Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total Revenues	2,870	2,766	2,744
Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	3,563	3,277	3,180
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total Revenues	(7)	(6)	(5)
Recorded Music \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	5,223	4,955	4,966
Recorded Music \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total Revenues	2,210	2,184	2,231
Recorded Music \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	3,013	2,771	2,735
Recorded Music \| Total Digital and Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	4,038	3,829	3,868
Recorded Music \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	3,519	3,322	3,305
Recorded Music \| Physical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	519	507	563
Recorded Music \| Artist services and expanded-rights \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	684	744	767
Recorded Music \| Licensing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	501	382	331
Music Publishing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	1,210	1,088	958
Music Publishing \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total Revenues	660	582	513
Music Publishing \| Operating Segments \| International
Disaggregation of Revenue [Line Items]
Total Revenues	550	506	445
Music Publishing \| Digital \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	763	669	563
Music Publishing \| Performance \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	198	173	159
Music Publishing \| Mechanical \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	58	63	50
Music Publishing \| Synchronization \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	175	167	172
Music Publishing \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total Revenues	$ 16	$ 16	$ 14

Additional Financial Information	12 Months Ended
Additional Financial Information	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	Additional Financial Information Supplemental Cash Flow Disclosures The Company made interest payments of approximately $183 million, $157 million and $122 million during the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022, respectively. The Company paid approximately $135 million, $219 million and $141 million of income and withholding taxes, net of refunds, for the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022, respectively. Noncash investing activities were approximately $30 million related to the acquisition of music publishing rights and music catalogs, net during the fiscal year ended September 30, 2024. Net Gain on Divestiture During the fiscal year ended September 30, 2024, the Company recognized a pre-tax gain of $32 million in connection with the divestiture of certain sound recording and publishing rights and one of its O&O Media Properties. During the fiscal year ended September 30, 2023, the Company recognized a pre-tax gain of $41 million in connection with the divestiture of certain sound recording rights. For each period, the divestiture has been reflected as a net gain on divestiture in the accompanying consolidated statement of operations. Dividends The Company’s ability to pay dividends may be restricted by covenants in the credit agreement for the Revolving Credit Facility which are currently suspended but which will be reinstated if Acquisition Corp.’s Total Indebtedness to EBITDA Ratio increases above 3.50:1.00 and the term loans do not achieve an investment grade rating. As of September 30, 2024, Acquisition Corp.’s Total Indebtedness to EBITDA Ratio is 2.05x and the term loans achieved a corporate credit rating of BBB- from both S&P and Fitch. The Company has been paying quarterly cash dividends to holders of its Class A Common Stock and Class B Common Stock. The declaration of each dividend will continue to be at the discretion of the Company’s board of directors and will depend on the Company’s financial condition, earnings, liquidity and capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by Delaware law, general business conditions and any other factors that the Company’s board of directors deems relevant in making such a determination. Therefore, there can be no assurance that the Company will pay any dividends to holders of the Company’s common stock, or as to the amount of any such dividends. The Company paid cash dividends to stockholders and participating security holders of $361 million, $340 million and $318 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively. On November 8, 2024, the Company’s board of directors declared a cash dividend of $0.18 per share on the Company’s Class A Common Stock and Class B Common Stock, as well as related payments under certain stock-based compensation plans, payable on December 3, 2024 to stockholders of record as of the close of business on November 19, 2024.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Talent Advances The Company routinely enters into long-term commitments with recording artists, songwriters, publishers and third-party labels for the future delivery of music. Such commitments generally become due only upon delivery and Company acceptance of albums from the recording artists or future musical compositions from songwriters and publishers. Additionally, such commitments are typically cancellable at the Company’s discretion, generally without penalty. Based on contractual obligations and the Company’s expected release schedule, off-balance sheet aggregate firm commitments to such talent approximated $558 million and $383 million as of September 30, 2024 and September 30, 2023, respectively. Other Other off-balance sheet firm commitments, which primarily include minimum funding commitments to investees, amounted to approximately $79 million and $46 million at September 30, 2024 and September 30, 2023, respectively. Litigation The Company is involved in various litigation and regulatory proceedings arising in the normal course of business. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, the Company establishes an accrual. In the currently pending proceedings, the amount of accrual is not material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including (1) the results of ongoing discovery; (2) uncertain damage theories and demands; (3) a less than complete factual record; (4) uncertainty concerning legal theories and their resolution by courts or regulators; and (5) the unpredictable nature of the opposing party and its demands. However, the Company cannot predict with certainty the outcome of any litigation or the potential for future litigation. As such, the Company continuously monitors these proceedings as they develop and adjusts any accrual or disclosure as needed. Regardless of the outcome, litigation could have an adverse impact on the Company, including the Company’s brand value, because of defense costs, diversion of management resources and other factors and it could have a material effect on the Company’s results of operations for a given reporting period.

Consolidated Statements of Cash Flows (Parenthetical)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
3.750% Senior Secured Notes
Interest rate (as a percent)	3.75%	3.75%	3.75%

Restructuring and Impairments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charge, pretax	$ 210
Restructuring and impairments	$ 135
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring, Settlement and Impairment Provisions
Restructuring and impairments	$ 177	$ 42	$ 8
Non-cash impairments and restructuring	57	0	$ 0
Impairment losses on unamortized intangible assets	$ 50
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring, Settlement and Impairment Provisions
Non-cash restructuring	$ 7
Strategic Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and impairments	121
Restructuring and impairments	178
March 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and impairments	1
Recorded Music \| March 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 40
Operating Segments \| Recorded Music
Restructuring Cost and Reserve [Line Items]
Restructuring and impairments	54
Corporate Expenses and Eliminations
Restructuring Cost and Reserve [Line Items]
Restructuring and impairments	$ 3
Severance Costs
Restructuring Cost and Reserve [Line Items]
Expected number of positions to eliminated as a percentage (as a percent)	13.00%
Restructuring and impairments	$ (1)
Severance Costs \| Strategic Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and impairments	116
Severance And Other Termination Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charge, pretax	148
Severance costs	121
Severance And Other Termination Costs \| Operating Segments \| Recorded Music
Restructuring Cost and Reserve [Line Items]
Severance costs	113
Severance And Other Termination Costs \| Corporate Expenses and Eliminations
Restructuring Cost and Reserve [Line Items]
Severance costs	8
Other Non-cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charge, pretax	7
Property Wind Down
Restructuring Cost and Reserve [Line Items]
Restructuring charge, pretax	$ 55

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Pretax Income from Continuing Operations

The domestic and foreign pretax income from continuing operations is as follows:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Domestic	$	67	$	218	$	385
Foreign	534		391		355
Income before income taxes	$	601	$	609	$	740

Schedule of Current and Deferred Income Taxes

Current and deferred income tax expense provided are as follows:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Federal:
Current	$	26	$	36	$	23
Deferred	(45)		(5)		44
Foreign:
Current (a)	137		128		128
Deferred	3		(3)		(30)
U.S. State:
Current	8		19		21
Deferred	(6)		(5)		(1)
Income tax expense	$	123	$	170	$	185

______________________________________

(a)Includes withholding taxes of $28 million, $38 million and $27 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

Schedule of Effective Income Tax Rate Reconciliation

The differences between the U.S. federal statutory income tax rate of 21.0% for each of the fiscal years ended September 30, 2024, 2023 and 2022 and income taxes provided are as follows:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Taxes on income at the U.S. federal statutory rate	$	126	$	128	$	155
U.S. state and local taxes	1		12		15
Foreign income taxed at different rates, including withholding taxes	29		33		29
Valuation allowance	—		(5)		(6)
Change in tax rates	3		—		1
GILTI and FDII	(3)		(4)		(6)
Federal research and development credits	(3)		(8)		—
Uncertain tax positions	(3)		7		(3)
Non-deductible compensation	11		8		6
Wind down of O&O media properties	(17)		—		—
Return to provision adjustments	(15)		4		(4)
Nontaxable income from partnerships	(9)		(1)		(1)
Other	3		(4)		(1)
Total income tax expense	$	123	$	170	$	185

Schedule of Significant Components of Company's Net Deferred Tax Assets/(Liabilities)

Significant components of the Company’s net deferred tax liabilities are summarized below:


	September 30, 2024		September 30, 2023
	(in millions)
Deferred tax assets:
Allowance and reserves	$	27	$	25
Employee benefits and compensation	80		71
Other accruals	45		30
Property, plant and equipment	61		40
Operating lease liabilities	69		73
Tax attribute carryforwards	62		59
Deferred revenue and debt	14		17
Total deferred tax assets	358		315
Less: Valuation allowance	(25)		(25)
Deferred tax assets, net of valuation allowance	333		290

Deferred tax liabilities:
Royalty advances	(34)		(27)
Operating lease right-of-use assets	(57)		(60)
Accrued royalties	(52)		(45)
Intangible assets	(284)		(318)
Debt and other	(49)		(24)
Total deferred tax liabilities	(476)		(474)
Net deferred tax liabilities	$	(143)	$	(184)

Schedule of Reconciliation of Unrecognized Tax Benefits Including Interest and Penalties

The following table reflects changes in the gross unrecognized tax benefits:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Gross unrecognized tax benefits - beginning of period	$	13	$	8	$	12
Additions for current year tax positions	2		3		—
Additions for prior year tax positions	—		9		1
Subtractions for prior year tax positions	(3)		(7)		(5)
Settlements	(2)		—		—
Gross unrecognized tax benefits - end of period	$	10	$	13	$	8

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 53	$ 52
Short-term lease cost	0	0
Variable lease cost	12	13
Total lease cost	$ 65	$ 65

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill and Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill for Each Reportable Segment

The following analysis details the changes in goodwill for each reportable segment:


	Recorded Music		Music Publishing		Total
	(in millions)
Balances at September 30, 2022	$	1,456	$	464	$	1,920
Acquisitions	51		—		51
Other adjustments	22		—		22
Balances at September 30, 2023	$	1,529	$	464	$	1,993
Acquisitions	5		—		5
Other adjustments	23		—		23
Balances at September 30, 2024	$	1,557	$	464	$	2,021

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	September 30, 2024		September 30, 2023
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,616	$	1,507
Music publishing copyrights	24 years	2,227		2,026
Artist and songwriter contracts	13 years	1,125		1,091
Trademarks	18 years	69		111
Other intangible assets	7 years	69		104
Total gross intangible assets subject to amortization		5,106		4,839
Accumulated amortization		(2,747)		(2,486)
Total net intangible assets subject to amortization		2,359		2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	152		149
Total net intangible assets		$	2,511	$	2,502

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	September 30, 2024		September 30, 2023
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,616	$	1,507
Music publishing copyrights	24 years	2,227		2,026
Artist and songwriter contracts	13 years	1,125		1,091
Trademarks	18 years	69		111
Other intangible assets	7 years	69		104
Total gross intangible assets subject to amortization		5,106		4,839
Accumulated amortization		(2,747)		(2,486)
Total net intangible assets subject to amortization		2,359		2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	152		149
Total net intangible assets		$	2,511	$	2,502

Schedule of Expected Amortization of Intangible Assets

Based on the amount of intangible assets subject to amortization at September 30, 2024, the expected amortization for each of the next five fiscal years and thereafter are as follows:


Fiscal Year Ended September 30,	Amortization Expense
	(in millions)
2025	$	246
2026	230
2027	200
2028	170
2029	165
Thereafter	1,348
Total	$	2,359

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Derivative Financial Instruments

12 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments, primarily foreign currency forward exchange contracts and interest rate swaps, for the purposes of managing foreign currency exchange rate risk and interest rate risk on expected future cash flows. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates.

The Company enters into foreign currency forward exchange contracts primarily to hedge the risk that unremitted or future royalties and license fees owed to its U.S. companies for the sale or licensing of U.S.-based music and merchandise abroad may be adversely affected by changes in foreign currency exchange rates. The Company focuses on managing the level of exposure to the risk of foreign currency exchange rate fluctuations on its major currencies, which include the Euro, British pound sterling, Japanese yen, Canadian dollar, Swedish krona, Australian dollar, Brazilian real, Korean won and Norwegian krone. The Company also may at times choose to hedge foreign currency risk associated with financing transactions such as third-party debt and other balance sheet items. The Company’s foreign currency forward exchange contracts have not been designated as hedges under the criteria prescribed in ASC 815. The Company records these contracts at fair value on its balance sheet and the related gains and losses are immediately recognized in the consolidated statement of operations where there is an offsetting entry related to the underlying exposure.

The fair value of foreign currency forward exchange contracts is determined by using observable market transactions of spot and forward rates (i.e., Level 2 inputs) which is discussed further in Note 20. Additionally, netting provisions are provided for in existing International Swap and Derivative Association Inc. agreements in situations where the Company executes multiple contracts

with the same counterparty. As a result, net assets or liabilities resulting from foreign exchange derivatives subject to these netting agreements are classified within other current assets or other current liabilities in the Company’s consolidated balance sheets.

The fair value of interest rate swaps is based on dealer quotes of market rates (i.e., Level 2 inputs) which is discussed further in Note 20. Interest income or expense related to interest rate swaps is recognized in interest income (expense), net in the same period as the related expense is recognized. The ineffective portions of interest rate swaps are recognized in other income (expense) in the period measured.

The Company monitors its positions with, and the credit quality of, the financial institutions that are party to any of its financial transactions.

As of September 30, 2024 and September 30, 2023, the Company had no outstanding hedge contracts and no deferred gains or losses in comprehensive income related to foreign exchange hedging.

As of September 30, 2024, the Company had no outstanding pay-fixed receive-variable interest rate swaps and no unrealized deferred gains in comprehensive income related to the interest rate swaps. As of September 30, 2023, the Company had outstanding $500 million in pay-fixed receive-variable interest rate swaps with $1 million of unrealized deferred gains in comprehensive income related to the interest rate swaps.

The Company recorded realized pre-tax losses of $1 million related to its foreign currency forward exchange contracts in the consolidated statement of operations as other expense for the fiscal year ended September 30, 2024. The Company recorded realized pre-tax losses of $6 million related to its foreign currency forward exchange contracts in the consolidated statement of operations as other income for the fiscal year ended September 30, 2023.

The unrealized pre-tax losses of the Company’s derivative interest rate swaps designated as cash flow hedges recorded in other comprehensive income during the fiscal years ended September 30, 2024 and September 30, 2023 were $1 million and $16 million, respectively.

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at September 30, 2024 and September 30, 2023:


	September 30, 2024		September 30, 2023
	(in millions)
Other Current Assets:

Interest Rate Swap	$	—	$	2

Description of Business	12 Months Ended
Description of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Warner Music Group Corp. (the “Company”) was formed on November 21, 2003. The Company is the direct parent of WMG Holdings Corp. (“Holdings”), which is the direct parent of WMG Acquisition Corp. (“Acquisition Corp.”). Acquisition Corp. is one of the world’s major music entertainment companies. Initial Public Offering On June 5, 2020, the Company completed an initial public offering (“IPO”) of Class A common stock of the Company, par value $0.001 per share (“Class A Common Stock”). The Company listed its shares on the NASDAQ stock market under the ticker symbol “WMG.” The offering consisted entirely of secondary shares sold by Access Industries, LLC (collectively with its affiliates, “Access”) and certain related selling stockholders. Access continues to hold all of the Class B common stock of the Company, par value $0.001 per share (“Class B Common Stock”), representing approximately 98% of the total combined voting power of the Company’s outstanding common stock and approximately 72% of the economic interest as of September 30, 2024. As a result, the Company is a “controlled company” within the meaning of the corporate governance standards of NASDAQ. Recorded Music Operations Our Recorded Music business primarily consists of the discovery and development of recording artists and the related marketing, promotion, distribution, sale and licensing of music created by such recording artists. We play an integral role in virtually all aspects of the recorded music value chain from discovering and developing talent to producing, distributing and selling music to marketing and promoting recording artists and their music. Music Publishing Operations While Recorded Music is focused on marketing, promoting, distributing and licensing a particular recording of a musical composition, Music Publishing is an intellectual property business focused on generating revenue from uses of the musical composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter, or engaging in those activities for other rightsholders, our Music Publishing business shares the revenues generated from use of the musical compositions with the songwriter or other rightsholders.

Fair Value Measurements

12 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC 820, Fair Value Measurement (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•Level 1—inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•Level 2—inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant

assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

In accordance with the fair value hierarchy, described above, the following tables show the fair value of the Company’s financial instruments that are required to be measured at fair value as of September 30, 2024 and September 30, 2023.


	Fair Value Measurements as of September 30, 2024
	(Level 1)	(Level 2)	(Level 3)	Total
	(in millions)


Other Noncurrent Assets:

Equity Investment with Readily Determinable Fair Value (b)	9	—	—	9
Other Noncurrent Liabilities:
Contractual Obligations (a)	—	—	(1)	(1)


	Fair Value Measurements as of September 30, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Interest Rate Swap (c)	$	—	$	2	$	—	$	2
Other Noncurrent Assets:

Equity Investment with Readily Determinable Fair Value (b)	15		—		—		15
Other Noncurrent Liabilities:
Contractual Obligations (a)	—		—		(1)		(1)

______________________________________

(a)This represents contingent consideration related to acquisitions. This is based on a probability weighted performance approach and it is adjusted to fair value on a recurring basis and any adjustments are typically included as a component of operating income in the consolidated statements of operations. This amount was primarily calculated using unobservable inputs such as future earnings performance of the acquiree and the expected timing of payments.

(b)These represent equity investments with a readily determinable fair value. The Company has measured its investments to fair value in accordance with ASC 321, Investments—Equity Securities, based on quoted prices in active markets.

(c)The fair value of the interest rate swaps is based on dealer quotes of market forward rates and reflects the amount that the Company would receive or pay as of September 30, 2024 for contracts involving the same attributes and maturity dates.

The following table reconciles the beginning and ending balances of net liabilities classified as Level 3:


	Total
	(in millions)
Balance at September 30, 2023	$	(1)
Additions	—
Reductions	—
Payments	—
Balance at September 30, 2024	$	(1)

The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the asset is written down to its fair value. In addition, an impairment analysis is performed at least annually for goodwill and indefinite-lived intangible assets.

Equity Investments Without Readily Determinable Fair Value

The Company evaluates its equity investments without readily determinable fair values for impairment if factors indicate that a significant decrease in value has occurred. The Company has elected to use the measurement alternative to fair value that will allow

these investments to be recorded at cost, less impairment, and adjusted for subsequent observable price changes. The Company recorded no impairment charges and $1 million of impairment charges on these investments during the fiscal years ended September 30, 2024 and September 30, 2023, respectively. In addition, observable price changes events that were completed during the fiscal years ended September 30, 2024 and September 30, 2023 resulted in an unrealized gain of $4 million and $2 million, respectively.

Fair Value of Debt

Based on the level of interest rates prevailing at September 30, 2024, the fair value of the Company’s debt was $3.836 billion. Based on the level of interest rates prevailing at September 30, 2023, the fair value of the Company’s debt was $3.525 billion. The fair value of the Company’s debt instruments is determined using quoted market prices from less active markets or by using quoted market prices for instruments with identical terms and maturities; both approaches are considered a Level 2 measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Segment Information (Tables)

12 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
	(in millions)
2024
Revenues	$	5,223	$	1,210	$	(7)	$	6,426
Adjusted OIBDA	1,282		330		(180)		1,432
Total assets	4,945		3,017		1,193		9,155
Capital expenditures	28		1		87		116
2023
Revenues	$	4,955	$	1,088	$	(6)	$	6,037
Adjusted OIBDA	1,093		296		(154)		1,235
Total assets	4,677		2,781		1,087		8,545
Capital expenditures	39		1		87		127
2022
Revenues	$	4,966	$	958	$	(5)	$	5,919
Adjusted OIBDA	1,046		233		(130)		1,149
Capital expenditures	52		1		82		135

Schedule of Components of Adjusted OIBDA to Operating Income

Adjusted OIBDA is not a measure defined by U.S. GAAP but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of the Company’s Adjusted OIBDA to operating income is presented below.


	For the year ended September 30,
	2024		2023		2022
Operating income	$	823	$	790	$	714
Amortization expense	224		245		263
Depreciation expense	103		87		76
Restructuring and impairments	177		42		8
Transformation initiative costs	76		53		46
Executive transition costs	—		7		—
Net gain on divestitures	(32)		(41)		—
Non-cash stock-based compensation and other related costs	61		52		42
Adjusted OIBDA	$	1,432	$	1,235	$	1,149

Schedule of Long-Lived Assets and Revenue by Geographical Areas

Total long-lived assets relating to operations in different geographical areas, which consist of property, plant and equipment, net and operating lease right-of-use assets, net, are set forth below as of September 30, 2024 and September 30, 2023.


	2024				2023				2022
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues
	(in millions)
United States	$	2,870	$	460	$	2,766	$	473	$	2,744
United Kingdom	774		39		726		39		734
Germany	513		99		535		98		613
All other territories	2,269		108		2,010		93		1,828
Total	$	6,426	$	706	$	6,037	$	703	$	5,919

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	$ 1,096	$ 981
Less: Accumulated depreciation	(615)	(523)
Net Property, Plant and Equipment	481	458
Land
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	11	11
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	216	194
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	45	37
Computer hardware and software
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	650	592
Construction in progress
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	132	107
Machinery and equipment
Property, Plant and Equipment [Line Items]
Gross Property, Plant and Equipment	$ 42	$ 40

Income Taxes

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The domestic and foreign pretax income from continuing operations is as follows:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Domestic	$	67	$	218	$	385
Foreign	534		391		355
Income before income taxes	$	601	$	609	$	740

Current and deferred income tax expense provided are as follows:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Federal:
Current	$	26	$	36	$	23
Deferred	(45)		(5)		44
Foreign:
Current (a)	137		128		128
Deferred	3		(3)		(30)
U.S. State:
Current	8		19		21
Deferred	(6)		(5)		(1)
Income tax expense	$	123	$	170	$	185

______________________________________

(a)Includes withholding taxes of $28 million, $38 million and $27 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

The differences between the U.S. federal statutory income tax rate of 21.0% for each of the fiscal years ended September 30, 2024, 2023 and 2022 and income taxes provided are as follows:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Taxes on income at the U.S. federal statutory rate	$	126	$	128	$	155
U.S. state and local taxes	1		12		15
Foreign income taxed at different rates, including withholding taxes	29		33		29
Valuation allowance	—		(5)		(6)
Change in tax rates	3		—		1
GILTI and FDII	(3)		(4)		(6)
Federal research and development credits	(3)		(8)		—
Uncertain tax positions	(3)		7		(3)
Non-deductible compensation	11		8		6
Wind down of O&O media properties	(17)		—		—
Return to provision adjustments	(15)		4		(4)
Nontaxable income from partnerships	(9)		(1)		(1)
Other	3		(4)		(1)
Total income tax expense	$	123	$	170	$	185

During the fiscal year ended September 30, 2024, the Company recognized a tax benefit of $15 million primarily related to change in prior year estimate for allowable costs for reported foreign derived intangible income. During the fiscal year ended September 30, 2023, the Company recognized a tax benefit of $8 million related to Federal research and development credits, which was partially offset by $7 million of income tax expense arising from an increase in uncertain tax positions in various jurisdictions.

During the fiscal year ended September 30, 2022, the Company recognized a tax benefit of $8 million for the release of valuation allowances in various foreign jurisdictions.

For the fiscal years ended September 30, 2024 and September 30, 2023, the Company incurred losses in certain foreign territories and has offset the tax benefit associated with these losses with a valuation allowance as the Company has determined that it is more likely than not that these losses will not be utilized. Significant components of the Company’s net deferred tax liabilities are summarized below:


	September 30, 2024		September 30, 2023
	(in millions)
Deferred tax assets:
Allowance and reserves	$	27	$	25
Employee benefits and compensation	80		71
Other accruals	45		30
Property, plant and equipment	61		40
Operating lease liabilities	69		73
Tax attribute carryforwards	62		59
Deferred revenue and debt	14		17
Total deferred tax assets	358		315
Less: Valuation allowance	(25)		(25)
Deferred tax assets, net of valuation allowance	333		290

Deferred tax liabilities:
Royalty advances	(34)		(27)
Operating lease right-of-use assets	(57)		(60)
Accrued royalties	(52)		(45)
Intangible assets	(284)		(318)
Debt and other	(49)		(24)
Total deferred tax liabilities	(476)		(474)
Net deferred tax liabilities	$	(143)	$	(184)

At September 30, 2024, the Company has no remaining U.S. federal tax net operating loss carryforwards and $21 million tax net operating loss carryforwards in U.S. state and local jurisdictions that expire in various periods. The Company also has tax net operating loss carryforwards, with no expiration date, in France, Spain, and the United Kingdom of $11 million, $5 million, and $5 million, respectively, and other tax net operating loss carryforwards in foreign jurisdictions that expire in various periods.

Deferred income taxes have not been recorded on indefinitely reinvested earnings of certain foreign subsidiaries of approximately $456 million at September 30, 2024. Distribution of these earnings may result in foreign withholding taxes and U.S. state taxes. However, variables existing if and when remittance occurs make it impracticable to estimate the amount of the ultimate tax liability, if any, on these accumulated foreign earnings.

The Company classifies interest and penalties related to uncertain tax position as a component of income tax expense. As of September 30, 2024 and September 30, 2023, the Company had accrued $1 million and $2 million of interest and penalties, respectively.

The following table reflects changes in the gross unrecognized tax benefits:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Gross unrecognized tax benefits - beginning of period	$	13	$	8	$	12
Additions for current year tax positions	2		3		—
Additions for prior year tax positions	—		9		1
Subtractions for prior year tax positions	(3)		(7)		(5)
Settlements	(2)		—		—
Gross unrecognized tax benefits - end of period	$	10	$	13	$	8

Included in the total unrecognized tax benefits at September 30, 2024 and September 30, 2023 are $11 million and $14 million, respectively, that if recognized, would reduce the effective income tax rate. The Company has determined that it is reasonably possible that the gross unrecognized tax benefits as of September 30, 2024 could decrease by up to approximately $2 million related to various ongoing audits and settlement discussions in various foreign jurisdictions during the next twelve months.

The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. The Company has completed tax audits in the U.S. for tax years ended through September 30, 2013, in the UK for the tax years ended through September 30, 2020, in Germany for the tax years ended through September 30, 2018 and in France for the tax years ended through September 30, 2018. The Company is at various stages in the tax audit process in certain foreign and local jurisdictions.

The Organization Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as January 1, 2024, with general implementation of a global minimum tax by January 1, 2025. The Company is currently evaluating the potential impact of the rules.

- Definition

The entire disclosure for income tax.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Current assets:
Cash and equivalents	$ 694	$ 641
Accounts receivable, net of allowances of $26 million and $19 million	1,255	1,120
Inventories	99	126
Royalty advances expected to be recouped within one year	470	413
Prepaid and other current assets	125	102
Total current assets	2,643	2,402
Royalty advances expected to be recouped after one year	874	688
Property, plant and equipment, net	481	458
Operating lease right-of-use assets, net	225	245
Goodwill	2,021	1,993
Intangible assets subject to amortization, net	2,359	2,353
Intangible assets not subject to amortization	152	149
Deferred tax assets, net	52	32
Other assets	348	225
Total assets	9,155	8,545
Current liabilities:
Accounts payable	289	300
Accrued royalties	2,549	2,219
Accrued liabilities	641	533
Accrued interest	17	18
Operating lease liabilities, current	45	41
Deferred revenue	246	371
Other current liabilities	110	57
Total current liabilities	3,897	3,539
Long-term debt	4,014	3,964
Operating lease liabilities, noncurrent	228	255
Deferred tax liabilities, net	195	216
Other noncurrent liabilities	146	141
Total liabilities	8,480	8,115
Equity:
Additional paid-in capital	2,077	2,015
Accumulated deficit	(1,313)	(1,387)
Accumulated other comprehensive loss, net	(247)	(322)
Total Warner Music Group Corp. equity	518	307
Noncontrolling interest	157	123
Total equity	675	430
Total liabilities and equity	9,155	8,545
Class A Common Stock
Equity:
Common stock, value, issued	0	0
Common Class B
Equity:
Common stock, value, issued	$ 1	$ 1

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Line Items]
Total assets	$ 9,155	$ 8,545
Total liabilities	8,480	8,115
Foreign currency transaction gain (loss) recognized	2	4	$ (11)
Foreign currency transaction gain (loss) recognized in other income (expense)	(72)	(37)	185
Advertising expense	$ 119	$ 136	$ 155
Award requisite service period	4 years
Performance Share Units PSU
Accounting Policies [Line Items]
Award requisite service period	3 years
Furniture and fixtures \| Minimum
Accounting Policies [Line Items]
Property plant and equipment useful life	5 years
Furniture and fixtures \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life	7 years
Computer Equipment \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life	5 years
Machinery and equipment \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life	13 years
Building \| Maximum
Accounting Policies [Line Items]
Property plant and equipment useful life	40 years
Spotify \| Accounts Receivable \| Credit Concentration Risk
Accounting Policies [Line Items]
Customer concentration percentage (as a percent)	18.00%	18.00%
Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Total assets	$ 77	$ 5
Total liabilities	$ 2	$ 2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Accounts receivable, allowances	$ 26	$ 19
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	142,559,000	138,345,000
Common stock outstanding (in shares)	142,559,000	138,345,000
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	375,380,000	377,650,000
Common stock outstanding (in shares)	375,380,000	377,650,000

Derivative Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Amounts Recorded in Consolidated Balance Sheet

The following is a summary of amounts recorded in the consolidated balance sheets pertaining to the Company’s derivative instruments at September 30, 2024 and September 30, 2023:


	September 30, 2024		September 30, 2023
	(in millions)
Other Current Assets:

Interest Rate Swap	$	—	$	2

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts


Description	Balance at Beginning of Period		Additions Charged to Cost and Expenses		Deductions		Balance at End of Period
	(in millions)
Fiscal Year Ended September 30, 2024
Allowance for credit losses	$	19	$	10	$	(3)	$	26
Reserves for sales returns	19		37		(36)		20
Allowance for deferred tax asset	25		1		(1)		25
Fiscal Year Ended September 30, 2023
Allowance for credit losses	$	19	$	5	$	(5)	$	19
Reserves for sales returns	19		39		(39)		19
Allowance for deferred tax asset	29		1		(5)		25
Fiscal Year Ended September 30, 2022
Allowance for credit losses	$	20	$	5	$	(6)	$	19
Reserves for sales returns	23		52		(56)		19
Allowance for deferred tax asset	38		2		(11)		29

Leases - Schedule of Assets and Liabilities Lease (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 225	$ 245
Operating lease liabilities, current	45	41
Operating lease liabilities, noncurrent	228	255
Total operating lease liabilities	$ 273	$ 296
Operating lease, weighted average remaining lease term	6 years	7 years
Operating lease, weighted average discount rate, percent	5.56%	5.55%

Earnings per Share (Tables)

12 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Fiscal Year Ended September 30,
	2024				2023				2022
	Class A		Class B		Class A		Class B		Class A		Class B
Basic and Diluted EPS:
Numerator
Net income attributable to Warner Music Group Corp.	$	122	$	313	$	119	$	311	$	149	$	402
Less: Net income attributable to participating securities (a)	(6)		—		(6)		—		(7)		—
Net income attributable to common stockholders	$	116	$	313	$	113	$	311	$	142	$	402
Denominator
Weighted average shares outstanding	140,882		376,641		138,070		377,650		133,662		381,046
Basic and Diluted EPS	$	0.83	$	0.83	$	0.82	$	0.82	$	1.06	$	1.06

______________________________________

(a)Participating securities include unvested restricted stock units, which include the right to receive non-forfeitable dividend equivalents.

Segment Information - Schedule of Long-Lived Assets and Revenue by Geographical Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 6,426	$ 6,037	$ 5,919
Long-lived Assets	706	703
United States
Segment Reporting Information [Line Items]
Revenues	2,870	2,766	2,744
Long-lived Assets	460	473
United Kingdom
Segment Reporting Information [Line Items]
Revenues	774	726	734
Long-lived Assets	39	39
Germany
Segment Reporting Information [Line Items]
Revenues	513	535	613
Long-lived Assets	99	98
All other territories
Segment Reporting Information [Line Items]
Revenues	2,269	2,010	$ 1,828
Long-lived Assets	$ 108	$ 93

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-Paragraph 41
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+ Details

Debt - Fiscal 2024 Transactions (Details)			12 Months Ended
Debt - Fiscal 2024 Transactions (Details)	Sep. 17, 2024 USD ($) Rate	Jan. 24, 2024 USD ($) Rate	Sep. 30, 2024 USD ($)	Sep. 20, 2024 USD ($)	Nov. 30, 2023 USD ($)	Nov. 29, 2023 USD ($)	Sep. 30, 2023 USD ($)
Third-Parties
Debt Instrument [Line Items]
Debt fees	$ 2,000,000	$ 3,000,000
Creditors
Debt Instrument [Line Items]
Debt fees		$ 2,000,000
January 2024 Senior Term Loan Credit Agreement
Debt Instrument [Line Items]
Proceeds from issuance of secured note			$ 42,000,000
Repayments of secured debt			42,000,000
September 2024 Senior Term Loan Credit Agreement
Debt Instrument [Line Items]
Proceeds from issuance of secured note			62,000,000
Repayments of secured debt			62,000,000
Acquisition Corp.
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent) \| Rate	1.75%	2.00%
Acquisition Corp. \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent) \| Rate	0.50%	0.50%
Acquisition Corp. \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent) \| Rate	1.00%	1.00%
Acquisition Corp. \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.00%	1.00%
Revolving Credit Facility \| Acquisition Corp.
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 350,000,000		$ 350,000,000	$ 300,000,000	$ 350,000,000
Increase in secured indebtedness to EBITDA					140,000,000	$ 105,000,000
Secured indebtedness of EBITDA				$ 750,000,000	$ 250,000,000
Debt instrument, covenant, total indebtedness to EBITDA ratio					3.60
Revolving Credit Facility \| Acquisition Corp. \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)			0.50%

Income Taxes - Schedule of Domestic and Foreign Pretax (Loss) Income from Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 67	$ 218	$ 385
Foreign	534	391	355
Income before income taxes	$ 601	$ 609	$ 740

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Description of Business (Details) - $ / shares	12 Months Ended
Description of Business (Details) - $ / shares	Sep. 30, 2024	Sep. 30, 2023	Jun. 05, 2020
Access Industries
Subsidiary, Sale of Stock [Line Items]
Sale of stock, percentage of ownership after transaction (as a percent)	98.00%
Sale of stock, percentage of economic interest (as a percent)	72.00%
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Class A Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.001
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	0.001	$ 0.001
Class B Common Stock \| Access Industries
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Sep. 30, 2024	Nov. 15, 2024	Mar. 31, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--09-30
Document Transition Report	false
Entity File Number	001-32502
Entity Registrant Name	Warner Music Group Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4271875
Entity Address, Address Line One	1633 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(212)
Local Phone Number	275-2000
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	WMG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4.6
Documents Incorporated by Reference	Portions of the registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended September 30, 2024.
Amendment Flag	false
Entity Central Index Key	0001319161
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		142,614,118
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		375,380,313

Additional Financial Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 08, 2024 $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares
Supplemental Cash Flow Information [Line Items]
Interest payments		$ 183	$ 157	$ 122
Foreign income and withholding taxes		135	219	141
Noncash investing activities related to acquisition of music publishing rights and music catalogs		30
Net gain on divestitures		32	41	0
Dividends paid		$ 361	$ 340	$ 318
Common stock dividends (in dollars per share) \| $ / shares		$ 0.69	$ 0.65	$ 0.61
Class A Common Stock \| Subsequent Event
Supplemental Cash Flow Information [Line Items]
Common stock dividends (in dollars per share) \| $ / shares	$ 0.18
Common Class B \| Subsequent Event
Supplemental Cash Flow Information [Line Items]
Common stock dividends (in dollars per share) \| $ / shares	$ 0.18
Revolving Credit Facility \| Line of Credit
Supplemental Cash Flow Information [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio		3.50
Debt instrument, covenant, total indebtedness to EBITDA ratio, actual		2.05

Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following analysis details the changes in goodwill for each reportable segment:


	Recorded Music		Music Publishing		Total
	(in millions)
Balances at September 30, 2022	$	1,456	$	464	$	1,920
Acquisitions	51		—		51
Other adjustments	22		—		22
Balances at September 30, 2023	$	1,529	$	464	$	1,993
Acquisitions	5		—		5
Other adjustments	23		—		23
Balances at September 30, 2024	$	1,557	$	464	$	2,021

The increase in goodwill during the fiscal year ended September 30, 2024 primarily relates to an acquisition entered into during the fiscal year. The increase in goodwill during the fiscal year ended September 30, 2023 primarily relates to the acquisition of TenThousand Projects as described in Note 5. The other adjustments during both the fiscal years ended September 30, 2024 and September 30, 2023 primarily represent foreign currency movements.

The Company performs its annual goodwill impairment test in accordance with ASC 350 during the fourth quarter of each fiscal year as of July 1. The Company may conduct an earlier review if events or circumstances occur that would suggest the carrying value of the Company’s goodwill may not be recoverable. The performance of the annual fiscal 2024 impairment analysis did not result in an impairment of the Company’s goodwill.

Intangible Assets

Intangible assets consist of the following:


	Weighted-Average Useful Life	September 30, 2024		September 30, 2023
		(in millions)
Intangible assets subject to amortization:
Recorded music catalog	12 years	$	1,616	$	1,507
Music publishing copyrights	24 years	2,227		2,026
Artist and songwriter contracts	13 years	1,125		1,091
Trademarks	18 years	69		111
Other intangible assets	7 years	69		104
Total gross intangible assets subject to amortization		5,106		4,839
Accumulated amortization		(2,747)		(2,486)
Total net intangible assets subject to amortization		2,359		2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	Indefinite	152		149
Total net intangible assets		$	2,511	$	2,502

The increase in intangible assets during the fiscal year ended September 30, 2024 primarily relates to various music publishing copyright acquisitions, as well as foreign currency movements.

The Company performs its annual indefinite-lived intangible assets impairment test in accordance with ASC 350 during the fourth quarter of each fiscal year as of July 1. The Company may conduct an earlier review if events or circumstances occur that would suggest the carrying value of the Company’s indefinite-lived intangible assets may not be recoverable. The performance of the annual fiscal 2024 impairment analysis did not result in an impairment of the Company’s indefinite-lived intangible assets.

Amortization

Based on the amount of intangible assets subject to amortization at September 30, 2024, the expected amortization for each of the next five fiscal years and thereafter are as follows:


Fiscal Year Ended September 30,	Amortization Expense
	(in millions)
2025	$	246
2026	230
2027	200
2028	170
2029	165
Thereafter	1,348
Total	$	2,359

Debt - Historical Transactions (Details) - USD ($)								12 Months Ended
Debt - Historical Transactions (Details) - USD ($)	Sep. 17, 2024	Jun. 30, 2024	Jun. 29, 2024	Jan. 24, 2024	Jun. 30, 2023	Jan. 27, 2023	Nov. 01, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt								$ 0	$ 4,000,000	$ 0
Acquisition Corp.
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.75%			2.00%
Acquisition Corp. \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.00%			1.00%
Acquisition Corp. \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.50%			0.50%
Acquisition Corp. \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.00%			1.00%
Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Term loan borrower alternate base rate election rate								1.00%
Additional interest on overdue principal								2.00%
Acquisition Corp. \| Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								0.50%
Senior Term Loan Facility
Debt Instrument [Line Items]
Repayments of secured debt								$ 104,000,000	0	0
Senior Term Loan Facility \| Acquisition Corp.
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net							$ 150,000,000
Line of credit facility, maximum borrowing capacity					$ 1,295,000,000		$ 1,295,000,000
Repayments of secured debt					$ 150,000,000
Loss on extinguishment of debt									4,000,000
Term Loan Mortgage
Debt Instrument [Line Items]
Repayments of secured debt								$ 0	$ 1,000,000	$ 0
Term Loan Mortgage \| Acquisition Corp.
Debt Instrument [Line Items]
Face or principal amount of debt instrument						$ 19,000,000
Term Loan Mortgage \| Acquisition Corp. \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)						1.40%
Initial Revolving Loans \| Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								0.75%
Initial Revolving Loans \| Acquisition Corp. \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								1.75%
2020 Revolving Loans \| Revolving Credit Facility \| Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		1.375%	1.875%
2020 Revolving Loans \| Revolving Credit Facility \| ABR Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		0.375%	0.875%
2020 Revolving Loans \| Acquisition Corp. \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								0.875%
Senior secured indebtedness to EBITDA ratio								2.05
2020 Revolving Loans \| Acquisition Corp. \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								1.875%
Senior Term Loan Facility -Tranche G \| Acquisition Corp. \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								1.75%
Senior Term Loan Facility -Tranche G \| Acquisition Corp. \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								0.50%
Senior Term Loan Facility -Tranche G \| Acquisition Corp. \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)								1.00%
Term loan borrower alternate base rate election rate								1.00%
Additional interest rate on other overdue amounts								2.00%

Acquisitions	12 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions TenThousand Projects On August 25, 2023, the Company purchased 51% of the issued and outstanding equity securities of TenThousand Projects Holdings LLC (“TenThousand Projects”), an independent U.S. record label, pursuant to the terms of the unit purchase agreement of the same date among Warner Music Inc., a wholly-owned subsidiary of the Company, TenThousand Projects LLC, and Ten Thousand Projects Holdings LLC (the “Unit Purchase Agreement”). Cash consideration paid was $110 million which was comprised of the base purchase price of $102 million, as adjusted for final working capital, and cash acquired. The base purchase price included $11 million, which was deferred at the time of acquisition and paid during the fiscal year ended September 30, 2024 The acquisition of TenThousand Projects was accounted for as a business combination in accordance with ASC 805, Business Combinations, using the acquisition method of accounting, as the Company had acquired a controlling financial interest in TenThousand Projects. The results of operations of TenThousand Projects have been included in the Company’s results of operations from the date of the acquisition. The fair value of the net assets acquired was approximately $19 million and primarily consisted of royalty advances. The fair value of identifiable intangible assets subject to amortization was approximately $152 million and consists of a recorded music catalog, artist and songwriting contracts, and trademarks which have a fair value of $99 million, $48 million, and $5 million, respectively. The weighted-average useful lives of these intangible assets identified are consistent with the average remaining useful lives of such intangible assets previously acquired by the Company as disclosed in Note 9. The fair value of the noncontrolling interest in the acquiree was approximately $105 million and was determined using the implied enterprise value of the business based on the purchase price. The excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangibles assets, was approximately $44 million and has been recorded as goodwill. The resulting goodwill has been included in our Recorded Music reportable segment and the Company’s 51% share will be deductible for income tax purposes. At September 30, 2024, the Company updated and finalized the purchase price allocation recorded at September 30, 2023, which resulted in a net decrease to intangible assets of approximately $1 million, a net increase to goodwill of approximately $1 million, a net decrease to other acquired assets and liabilities of $1 million, and a net increase to the fair value of noncontrolling interest in the acquiree of $1 million. For the fiscal year ended September 30, 2023, the Company incurred costs related to this acquisition of approximately $3 million, which were expensed as incurred and recorded in selling, general and administrative expenses in the accompanying consolidated statement of operations. The unaudited pro forma revenue and operating income as if the acquisition occurred on October 1, 2021 was not material to the Company’s reported results for the fiscal years ended September 30, 2023 and September 30, 2022.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Certain international employees, such as those in Germany and Japan, participate in locally sponsored defined benefit plans, which are not considered to be material either individually or in the aggregate and have a combined projected benefit obligation of approximately $58 million and $52 million as of September 30, 2024 and September 30, 2023, respectively. Pension benefits under the plans are based on formulas that reflect the employees’ years of service and compensation levels during their employment period. The Company had unfunded pension liabilities relating to these plans of approximately $38 million and $35 million recorded within other noncurrent liabilities in the accompanying consolidated balance sheets as of September 30, 2024 and September 30, 2023, respectively. The Company uses a September 30 measurement date for its plans. For the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022, pension expense amounted to $3 million, $3 million and $3 million, respectively. Certain employees also participate in defined contribution plans. The Company’s contributions to the defined contribution plans are based upon a percentage of the employees’ elected contributions. The Company’s defined contribution plan expense amounted to approximately $16 million for the fiscal year ended September 30, 2024, $14 million for the fiscal year ended September 30, 2023 and $12 million for the fiscal year ended September 30, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Income Taxes - Schedule of Significant Components of Company's Net Deferred Tax Assets/(Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Deferred tax assets:
Allowance and reserves	$ 27	$ 25
Employee benefits and compensation	80	71
Other accruals	45	30
Property, plant and equipment	61	40
Operating lease liabilities	69	73
Tax attribute carryforwards	62	59
Deferred revenue and debt	14	17
Total deferred tax assets	358	315
Less: Valuation allowance	(25)	(25)
Deferred tax assets, net of valuation allowance	333	290
Deferred tax liabilities:
Royalty advances	(34)	(27)
Operating lease right-of-use assets	(57)	(60)
Accrued royalties	(52)	(45)
Intangible assets	(284)	(318)
Debt and other	(49)	(24)
Total deferred tax liabilities	(476)	(474)
Net deferred tax liabilities	$ (143)	$ (184)

Acquisitions (Details) - USD ($) $ in Millions		12 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Aug. 25, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill		$ 2,021	$ 1,993	$ 1,920
TenThousand Projects
Business Acquisition [Line Items]
Percentage of voting interests acquired (as a percent)	51.00%
Purchase price of selected assets	$ 110
Final purchase price	102
Base price payable		11
Fair value of net assets acquired	19
Intangible assets	152
Noncontrolling interest, fair value	105
Goodwill	44
Decrease to intangible assets		1
Goodwill, purchase accounting adjustments		1
Decrease in other liabilities		1
Net increase in fair value of noncontrolling interest		1
Business acquisition, transaction costs		$ 3
TenThousand Projects \| Recorded music catalog
Business Acquisition [Line Items]
Intangible assets	99
TenThousand Projects \| Artist and songwriter contracts
Business Acquisition [Line Items]
Intangible assets	48
TenThousand Projects \| Trademarks [Member]
Business Acquisition [Line Items]
Intangible assets	$ 5

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Total gross intangible assets subject to amortization	$ 5,106	$ 4,839
Accumulated amortization	(2,747)	(2,486)
Total net intangible assets subject to amortization	2,359	2,353
Intangible assets not subject to amortization:
Trademarks and tradenames	152	149
Total net intangible assets	2,511	2,502
Trademarks and tradenames
Intangible assets not subject to amortization:
Trademarks and tradenames	$ 152	149
Recorded music catalog
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	12 years
Total gross intangible assets subject to amortization	$ 1,616	1,507
Music publishing copyrights
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	24 years
Total gross intangible assets subject to amortization	$ 2,227	2,026
Artist and songwriter contracts
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	13 years
Total gross intangible assets subject to amortization	$ 1,125	1,091
Trademarks
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	18 years
Total gross intangible assets subject to amortization	$ 69	111
Other intangible assets
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Weighted-Average Useful Life	7 years
Total gross intangible assets subject to amortization	$ 69	$ 104

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 478	$ 439	$ 555
Other comprehensive income (loss), net of tax:
Foreign currency adjustment, net	78	36	(184)
Deferred (loss) gain on derivative financial instruments	(1)	(12)	30
Minimum pension liability	(2)	1	9
Other comprehensive income (loss), net of tax	75	25	(145)
Total comprehensive income	553	464	410
Less: Income attributable to noncontrolling interest	(43)	(9)	(4)
Comprehensive income attributable to Warner Music Group Corp.	$ 510	$ 455	$ 406

Income Taxes - Schedule of Differences between U.S. Federal Statutory Income Tax Rate and Income Taxes Provided (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal corporate statutory tax rate	21.00%	21.00%	21.00%
Taxes on income at the U.S. federal statutory rate	$ 126	$ 128	$ 155
U.S. state and local taxes	1	12	15
Foreign income taxed at different rates, including withholding taxes	29	33	29
Valuation allowance	0	(5)	(6)
Change in tax rates	3	0	1
GILTI and FDII	(3)	(4)	(6)
Federal research and development credits	(3)	(8)	0
Uncertain tax positions	(3)	7	(3)
Non-deductible compensation	11	8	6
Wind down of O&O media properties	(17)	0	0
Return to provision adjustments	(15)	4	(4)
Nontaxable income from partnerships	(9)	(1)	(1)
Other	3	(4)	(1)
Income tax expense	$ 123	$ 170	$ 185

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments


	Fair Value Measurements as of September 30, 2024
	(Level 1)	(Level 2)	(Level 3)	Total
	(in millions)


Other Noncurrent Assets:

Equity Investment with Readily Determinable Fair Value (b)	9	—	—	9
Other Noncurrent Liabilities:
Contractual Obligations (a)	—	—	(1)	(1)


	Fair Value Measurements as of September 30, 2023
	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Other Current Assets:
Interest Rate Swap (c)	$	—	$	2	$	—	$	2
Other Noncurrent Assets:

Equity Investment with Readily Determinable Fair Value (b)	15		—		—		15
Other Noncurrent Liabilities:
Contractual Obligations (a)	—		—		(1)		(1)

______________________________________

Schedule of Reconciliation of Net Liabilities Classified as Level 3

The following table reconciles the beginning and ending balances of net liabilities classified as Level 3:


	Total
	(in millions)
Balance at September 30, 2023	$	(1)
Additions	—
Reductions	—
Payments	—
Balance at September 30, 2024	$	(1)

Comprehensive Income (Loss) - Narrative (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
Equity [Abstract]
Changes in accumulated other comprehensive loss, net of related tax benefit	$ 2

Restructuring and Impairments (Tables)

12 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Accrual Activity

The below table sets


	Severance Costs		Contract Termination Costs		Total
	(in millions)
Balance at September 30, 2023	$	—	$	—	$	—
Restructuring charges	116		5		121
Cash payments	(17)		—		(17)
Balance at September 30, 2024	$	99	$	5	$	104


	Severance Costs
	(in millions)
Balance at September 30, 2023	$	19
Restructuring charges	(1)
Cash payments	(15)
Balance at September 30, 2024	$	3

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Prior to the start of the 2023 fiscal year, the Company maintained a 52-53 week fiscal year ending on the last Friday in each reporting period. The 2022 fiscal year ended on September 30, 2022 and included 53 weeks. Accordingly, the results of operations for the 2022 fiscal year reflect 53 weeks compared to 52 weeks for the 2023 and 2024 fiscal years. Starting with the 2023 fiscal year, the Company transitioned to a reporting calendar in which the reporting periods end on the last day of the calendar quarter. The Company’s fiscal year begins on October 1 and ends on September 30 of each year.
Basis of Consolidation	Basis of Consolidation The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling voting interest and/or variable interest required to be consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”) requires the Company first evaluate its investments to determine if any investments qualify as a variable interest entity (“VIE”). A VIE is consolidated if the Company is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has both (i) the power to control the most significant activities of the VIE and (ii) either the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If an entity is not deemed to be a VIE, the Company consolidates the entity if the Company has a controlling voting interest. As of September 30, 2024 and 2023, there were approximately $77 million and $5 million of assets, respectively, and $2 million and $2 million of liabilities, respectively, related to VIEs included in our consolidated balance sheets. The Company has performed a review of all subsequent events through the date the financial statements were issued and has determined that no additional disclosures are necessary.
Earnings per Share	Earnings per Share The consolidated statements of operations present basic and diluted earnings per share (“EPS”). The Company utilizes the two-class method to report earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. See also Note 3, Earnings Per Share.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Business Combinations	Business Combinations The Company accounts for its business acquisitions under the FASB ASC Topic 805, Business Combinations (“ASC 805”) guidance for business combinations. The total cost of acquisitions is allocated to the underlying identifiable net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items.
Cash and Equivalents	Cash and Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. The Company includes checks outstanding at year end as a component of accounts payable, instead of a reduction in its cash balance where there is not a right of offset in the related bank accounts. The Company maintains certain cash deposits in excess of FDIC insurance limits.
Accounts Receivable	Accounts Receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recorded net of an allowance for current expected credit losses.
Refund Liabilities and Allowance for Credit Losses	Refund Liabilities and Allowance for Credit Losses Management’s estimate of Recorded Music physical products that will be returned, and the amount of receivables that will ultimately be collected is an area of judgment affecting reported revenues and operating income. In determining the estimate of physical product sales that will be returned, management analyzes vendor sales of product, historical return trends, current economic conditions, changes in customer demand and commercial acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of physical product sales that provide the customer with the right of return. The provision for such sales returns is reflected as a reduction in the revenues from the related sale. Similarly, the Company monitors customer credit losses related to accounts receivable. Judgments and estimates are involved in evaluating if accounts receivable will ultimately be fully collected. On an ongoing basis, the Company tracks customer exposure based on news reports, ratings agency information, reviews of customer financial data and direct dialogue with customers. Counterparties that are determined to be of a higher risk are evaluated to assess whether the payment terms previously granted to them should be modified. The Company also monitors payment levels from customers, and an allowance for estimated credit losses is maintained based on such payment levels, historical experience, management’s views on trends in the overall receivable aging, for larger accounts, analyses of specific risks per customer, and reasonable and supportable forecasts of the economic and geopolitical conditions that may exist through the contractual life of the receivable. The Company will write off receivables only when they are deemed no longer collectible.
Concentration of Credit Risk	Concentration of Credit Risk Customer credit risk represents the potential for financial loss if a customer is unwilling or unable to meet its agreed upon contractual payment obligations. As of both September 30, 2024 and September 30, 2023, Spotify AB represented 18% of the Company’s accounts receivable balance. No other single customer accounted for more than 10% of accounts receivable in either period. The Company, by policy, routinely assesses the financial strength of its customers. As such, the Company does not believe there is any significant collection risk. In the Music Publishing business, the Company collects a significant portion of its royalties from copyright collecting societies around the world. Collecting societies and associations generally are not-for-profit organizations that represent composers, songwriters and music publishers. These organizations seek to protect the rights of their members by licensing, collecting license fees and distributing royalties for the use of the members’ works. Accordingly, the Company does not believe there is any significant collection risk from such societies.
Inventories	Inventories Inventories consist of merchandise, vinyl, CDs, DVDs and other related music products. Inventories are stated at the lower of cost or estimated realizable value. Cost is determined using first-in, first-out (“FIFO”) and average cost methods, which approximate cost under the FIFO method. Returned goods included in inventory are valued at estimated realizable value, but not in excess of cost.
Derivative and Financial Instruments	Derivative and Financial Instruments The Company accounts for these investments as required by the FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), which requires that all derivative instruments be recognized on the balance sheet at fair value. ASC 815 also provides that, for derivative instruments that qualify for hedge accounting, changes in the fair value are either (a) offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or (b) recognized in equity until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The carrying value of the Company’s financial instruments approximates fair value, except for certain differences relating to long-term, fixed-rate debt (see Note 20) and other financial instruments that are not significant. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment acquired in conjunction with business combinations are recorded at fair value. All other additions are recorded at historical cost. Depreciation is calculated using the straight-line method based upon the estimated useful lives of depreciable assets commencing at the date assets are placed in service as follows: five to seven years for furniture and fixtures, periods of up to five years for computer equipment and software and periods of up to thirteen years for machinery and equipment. Buildings are depreciated over periods of up to forty years. Leasehold improvements are depreciated over the life of the lease or estimated useful lives of the improvements, whichever period is shorter. Construction in progress assets are not depreciated until placed in service and available for their intended use, at which time they are assigned a useful life consistent with the nature of the asset. The Company accounts for costs incurred to develop or purchase computer software for internal use in accordance with FASB ASC Subtopic 350-40, Internal-Use Software (“ASC 350-40”). As required by ASC 350-40, the Company capitalizes the costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation, and testing.
Accounting for Goodwill and Other Intangible Assets	Accounting for Goodwill and Other Intangible Assets In accordance with FASB ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”), the Company accounts for business combinations using the acquisition method of accounting and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents synergies and economies of scale expected from the combination of services and is determined based on the excess of the purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. Pursuant to this guidance, the Company does not amortize the goodwill balance and instead, performs an annual impairment test to assess the fair value of goodwill over its carrying value. Identifiable intangible assets with finite lives are amortized over their useful lives. Goodwill is tested annually for impairment on July 1 and at any time upon occurrence of certain events or changes in circumstances. ASC 350 gives an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if an entity concludes otherwise, then the quantitative impairment test shall be used to identify the impairment and measure the amount of an impairment loss to be recognized (if applicable). The Company performs an annual impairment test of its indefinite-lived intangible assets as of July 1 of each fiscal year, unless events occur which trigger the need for an earlier impairment test. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The Company must proceed to conduct a quantitative analysis if the Company (i) determines that such an impairment is more likely than not to exist or (ii) forgoes the qualitative assessment entirely. The impairment tests may require management to make assumptions about future conditions impacting the value of the indefinite-lived intangible assets, including projected growth rates, cost of capital, effective tax rates, tax amortization periods, royalty rates, market share and others.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets The Company periodically reviews the carrying value of its long-lived assets, including finite-lived intangibles, property, plant and equipment and amortizable intangible assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable or that the lives assigned may no longer be appropriate. To the extent the estimated future cash inflows attributable to the asset, less estimated future cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan to dispose of the assets, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. If it is determined that events and circumstances warrant a revision to the remaining period of amortization, an asset’s remaining useful life would be changed, and the remaining carrying amount of the asset would be amortized prospectively over that revised remaining useful life.
Foreign Currency	Foreign Currency The financial position and operating results of substantially all foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of equity as a component of accumulated other comprehensive loss. Foreign currency transaction gains and losses arise from exchange rate fluctuations on transactions denominated in a foreign currency other than the functional currency.
Revenues	Revenues Recorded Music As required by FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when, or as, control of the promised services or goods is transferred to our customers and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. The Company’s revenue recognition process involves several applications that are responsible for the initiation and processing of transactions in order to recognize revenue in accordance with the Company’s policy and ASC 606. Revenues from the sale or license of Recorded Music products through digital distribution channels are typically recognized when sale or usage occurs based on usage reports received from the customer. These licenses typically contain a single performance obligation, which is ongoing access to all intellectual property in an evolving content library, predicated on: (1) the business practice and contractual ability to remove specific content without a requirement to replace the content and without impact to minimum royalty guarantees and (2) the contracts not containing a specific listing of content subject to the license. For certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Certain contracts contain minimum guarantees, which are recoupable against royalties. Upon contract inception, the Company will assess whether a shortfall or breakage is expected (i.e., where the minimum guarantee will not be recouped through royalties) in order to determine timing of revenue recognition for the minimum guarantee. For fixed fee contracts and minimum guarantee contracts where breakage is expected, the total transaction price (fixed fee or minimum guarantee) is recognized using an appropriate measure of progress over the contractual term. The Company updates its assessment of the transaction price each reporting period to see if anticipated royalty earnings exceed the minimum guarantee. For contracts where breakage is not expected, royalties are recognized as revenue as sales or usage occurs based upon the licensee’s usage reports and, when these reports are not available, revenue is based on historical data, industry information and other relevant trends. Music Publishing Music Publishing revenues are earned from the receipt of royalties relating to the licensing of rights in musical compositions and the sale of published sheet music and songbooks. The receipt of royalties principally relates to amounts earned from the public performance of musical compositions, the mechanical reproduction of musical compositions on recorded media, including digital formats and the use of musical compositions in synchronization with visual images. Music publishing royalties, except for synchronization royalties, generally are recognized when the sale or usage occurs. The most common form of consideration for publishing contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports and, when these reports are not available, royalties are estimated based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends. Synchronization revenue is typically recognized as revenue when control of the license is transferred to the customer in accordance with ASC 606. See also Note 4, Revenue Recognition.
Royalty Costs and Royalty Advances	Royalty Costs and Royalty Advances The Company incurs royalty costs that are payable to our recording artists and songwriters generated from the sale or license of our Recorded Music catalog and Music Publishing copyrights. Royalties are calculated using negotiated rates in accordance with recording artist and songwriter contracts and are based on revenue earned. There are instances where such data is not available to be processed and royalty cost calculations may involve judgments about significant volumes of data to be processed. In many instances, the Company commits to pay our recording artists and songwriters royalties in advance of future sales. The Company accounts for these advances under the related guidance in FASB ASC Topic 928, Entertainment—Music (“ASC 928”). Under ASC 928, the Company capitalizes as assets certain advances that it believes are recoverable from future royalties to be earned by the recording artist or songwriter. Recoverability is assessed upon initial commitment of the advance based upon the Company’s forecast of anticipated revenue from the sale of future and existing albums or musical compositions. In determining whether the advance is recoverable, the Company evaluates the current and past popularity of the recording artist or songwriter, the sales history of the recording artist or songwriter, the initial or expected commercial acceptability of the product, the current and past popularity of the genre of music that the product is designed to appeal to, and other relevant factors. Advances vary in both amount and expected life based on the underlying recording artist or songwriter. To the extent that a portion of an outstanding advance is no longer deemed recoverable, that amount will be expensed in the period the determination is made.
Advertising	Advertising As required by the FASB ASC Subtopic 720-35, Advertising Costs (“ASC 720-35”), advertising costs are expensed as incurred. Advertising expense amounted to approximately $119 million, $136 million and $155 million for the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022, respectively. Deferred advertising costs, which principally relate to advertisements that have been paid for but not been exhibited or services that have not been received, were not material for all periods presented.
Share-Based Compensation	Stock-Based Compensation The Company accounts for stock-based payments in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”). Stock-based compensation consists primarily of restricted stock units (“RSUs”) granted to eligible employees and executives under the Omnibus Incentive Plan. The Company measures compensation expense for RSUs based on the fair value of the award on the date of grant. The grant date fair value is based on the closing market price of the Company’s Class A Common Stock on the date of grant. The Company accounts for forfeitures as they occur. Stock-based compensation is recognized on a straight-line basis over the requisite service period, which is generally four years. The Company also grants restricted stock to the Company’s directors. The Company recognizes stock-based compensation expense equal to the grant date fair value of the restricted stock, based on the closing stock price on grant date, on a straight-line basis over the requisite service period of the awards, which is generally one year. The Company also grants market-based performance share units (“PSUs”) to our Chief Executive Officer whereby the PSU award payout is determined based on the Company’s total shareholder return compared to a designated peer group. The Company recognizes stock-based compensation expense based on the grant date fair value of the PSUs using a Monte Carlo simulation model analysis, on a straight-line basis over the requisite service period of the awards, which is approximately three years.
Income Taxes	Income Taxes Income taxes are provided using the asset and liability method presented by FASB ASC Topic 740, Income Taxes (“ASC 740”). Under this method, income taxes (i.e., deferred tax assets, deferred tax liabilities, taxes currently payable/refunds receivable and tax expense) are recorded based on amounts refundable or payable in the current fiscal year and include the results of any differences between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of net operating loss, capital loss and general business credit carryforwards and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statements and income tax purposes, as determined under enacted tax laws and rates. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. Global Intangible Low-Taxed Income (“GILTI”) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. The Company made an election to recognize GILTI tax in the specific period in which it occurs. From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Judgment may be required in assessing and estimating the tax consequences of these transactions. The Company prepares and files tax returns based on its interpretation of tax laws and regulations. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions, unless such positions are determined to be more likely than not of being sustained upon examination based on their technical merits. There is judgment involved in determining whether positions taken on the Company’s tax returns are more likely than not of being sustained.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”). The amendment clarifies the accounting for leasehold improvements for leases between entities under common control. Specifically, the ASU 2023-01 requires that leasehold improvements associated with common control leases be both: (1) amortized by the lessee over the useful life of the leasehold improvement to the common control group, regardless of the lease term, and (2) accounted for as an adjustment to equity when leasehold improvements are transferred between entities under common control when the lessee no longer controls the leasehold improvements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023. The Company will adopt this guidance for the fiscal year beginning October 1, 2024 on a prospective basis for all new leasehold improvements recognized on or after that date. The adoption will not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment enhances reportable segment disclosure requirements, primarily by requiring enhanced disclosures about significant segment expenses, reporting for interim periods, and Chief Operating Decision Maker (“CODM”) related information. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements, by requiring enhanced disclosures on the income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.
Leases	The Company’s lease portfolio consists of operating real estate leases for its corporate offices and, to a lesser extent, storage and other equipment. Under FASB ASC Topic 842, Leases (“ASC 842”), a contract is or contains a lease when (1) an explicitly or implicitly identified asset has been deployed in the contract and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company determines if an arrangement is or contains a lease at inception of the contract. For all leases (finance and operating), other than those that qualify for the short-term recognition exemption, the Company will recognize on the balance sheet a lease liability for its obligation to make lease payments arising from the lease and a corresponding right-of-use (“ROU”) asset representing its right to use the underlying asset over the period of use based on the present value of lease payments over the lease term as of the lease commencement date. ROU assets are adjusted for initial direct costs, lease payments made and incentives. As the rates implicit in our leases are not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This rate is based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments. The lease term used to calculate the lease liability will include options to extend or terminate the lease when the option to extend or terminate is at the Company’s discretion and it is reasonably certain that the Company will exercise the option. Fixed payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of one year or less, the lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term. ASC 842 requires that only limited types of variable payments be included in the determination of lease payments, which affects lease classification and measurement. Variable lease costs, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated balance sheet. The initial measurement of the lease liability and ROU asset are determined based on fixed lease payments. Lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are variable and are recognized in the period in which the payments are incurred. The Company’s operating ROU assets are included in operating lease right-of-use assets and the Company’s current and non-current operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, noncurrent, respectively, in the Company’s balance sheet. Operating lease liabilities are amortized using the effective interest method. That is, in each period, the liability will be increased to reflect the interest that is accrued on the related liability by using the appropriate discount rate and decreased by the lease payments made during the period. The subsequent measurement of the ROU asset is linked to the amount recognized as the lease liability. Accordingly, the ROU asset is measured as the lease liability adjusted by (1) accrued or prepaid rents (i.e., the aggregate difference between the cash payment and straight-line lease cost), (2) remaining unamortized initial direct costs and lease incentives, and (3) impairments of the ROU asset. Operating lease costs are included in Selling, general and administrative expenses. For lease agreements that contain both lease and non-lease components, the Company has elected the practical expedient provided by ASC 842 that permits the accounting for these components as a single lease component (rather than separating the lease from the non-lease components and accounting for the components individually).

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Warner Music Group Corp.	$ 435	$ 430	$ 551

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Audit Information	12 Months Ended
Audit Information	Sep. 30, 2024
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York

Debt (Tables)

12 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt, all of which was issued by Acquisition Corp., consists of the following:


	September 30, 2024		September 30, 2023
	(in millions)
Revolving Credit Facility (a)	$	—	$	—
Senior Term Loan Facility due 2031	1,295		1,295
2.750% Senior Secured Notes due 2028 (€325 face amount)	363		343
3.750% Senior Secured Notes due 2029	540		540
3.875% Senior Secured Notes due 2030	535		535
2.250% Senior Secured Notes due 2031 (€445 face amount)	497		471
3.000% Senior Secured Notes due 2031	800		800
Term Loan Mortgage	$	18	$	18
Total long-term debt, including the current portion	$	4,048	$	4,002
Issuance premium less unamortized discount and unamortized deferred financing costs	$	(34)	$	(38)
Total long-term debt, including the current portion, net	$	4,014	$	3,964

______________________________________

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 6,426	$ 6,037	$ 5,919
Adjusted OIBDA	1,432	1,235	1,149
Total assets	9,155	8,545
Capital expenditures	116	127	135
Operating Segments \| Recorded Music
Segment Reporting Information [Line Items]
Revenue	5,223	4,955	4,966
Adjusted OIBDA	1,282	1,093	1,046
Total assets	4,945	4,677
Capital expenditures	28	39	52
Operating Segments \| Music Publishing
Segment Reporting Information [Line Items]
Revenue	1,210	1,088	958
Adjusted OIBDA	330	296	233
Total assets	3,017	2,781
Capital expenditures	1	1	1
Corporate expenses and eliminations
Segment Reporting Information [Line Items]
Revenue	(7)	(6)	(5)
Adjusted OIBDA	(180)	(154)	(130)
Total assets	1,193	1,087
Capital expenditures	$ 87	$ 87	$ 82

- Definition

Amount of asset recognized for present right to economic benefit.

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Revenue Recognition (Tables)

12 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:


	Fiscal Year Ended September 30,
	2024		2023		2022
	(in millions)
Revenue by Type
Digital	$	3,519	$	3,322	$	3,305
Physical	519		507		563
Total Digital and Physical	4,038		3,829		3,868
Artist services and expanded-rights	684		744		767
Licensing	501		382		331
Total Recorded Music	5,223		4,955		4,966
Performance	198		173		159
Digital	763		669		563
Mechanical	58		63		50
Synchronization	175		167		172
Other	16		16		14
Total Music Publishing	1,210		1,088		958
Intersegment eliminations	(7)		(6)		(5)
Total Revenues	$	6,426	$	6,037	$	5,919
Revenue by Geographical Location
U.S. Recorded Music	$	2,210	$	2,184	$	2,231
U.S. Music Publishing	660		582		513
Total U.S.	2,870		2,766		2,744
International Recorded Music	3,013		2,771		2,735
International Music Publishing	550		506		445
Total International	3,563		3,277		3,180
Intersegment eliminations	(7)		(6)		(5)
Total Revenues	$	6,426	$	6,037	$	5,919

Schedule of Revenues Expected to be Recognized in Future Related to Performance Obligations

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at September 30, 2024 are as follows:


	FY25		FY26		FY27		Thereafter		Total
	(in millions)
Remaining performance obligations	$	445	$	153	$	5	$	1	$	604
Total	$	445	$	153	$	5	$	1	$	604

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Employee benefit plan obligation	$ 58	$ 52
Aggregate pension liability recorded in balance sheet	38	35
Pension expense	3	3	$ 3
Employers contribution plan expense	$ 16	$ 14	$ 12

Goodwill and Intangible Assets - Schedule of Expected Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Expected Intangible Amortization
2025	$ 246
2026	230
2027	200
2028	170
2029	165
Thereafter	1,348
Total net intangible assets subject to amortization	$ 2,359	$ 2,353

Derivative Financial Instruments - Schedule of Amounts Recorded in Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Other Current Assets: \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Other assets	$ 0	$ 2

Equity (Tables)

12 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Units and Performance Share Units Roll Forward

The following table summarizes the activity for the Company’s unvested RSUs and PSUs:


	Restricted Stock Units			Performance Share Units
	Number of Share Units	Weighted-Average Grant Date Fair Value		Number of Share Units	Weighted-Average Grant Date Fair Value
Unvested and outstanding balance as of September 30, 2023	2,876,084	$	37.30	254,731	$	60.25
Granted	1,409,115	35.79		310,848	43.49
Vested	(111,730)	36.58		—	—
Forfeited/canceled	(46,864)	34.08		—	—
Unvested and outstanding balance as of September 30, 2024	4,126,605	$	36.84	565,579	$	51.04

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, impairment charges	$ 1	$ 1
Unrealized gain	4	2
Level 2 measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 3,836	$ 3,525

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Prior to the start of the 2023 fiscal year, the Company maintained a 52-53 week fiscal year ending on the last Friday in each reporting period. The 2022 fiscal year ended on September 30, 2022 and included 53 weeks. Accordingly, the results of operations for the 2022 fiscal year reflect 53 weeks compared to 52 weeks for the 2023 and 2024 fiscal years. Starting with the 2023 fiscal year, the Company transitioned to a reporting calendar in which the reporting periods end on the last day of the calendar quarter. The Company’s fiscal year begins on October 1 and ends on September 30 of each year. Basis of Consolidation The accompanying financial statements present the consolidated accounts of all entities in which the Company has a controlling voting interest and/or variable interest required to be consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“ASC 810”) requires the Company first evaluate its investments to determine if any investments qualify as a variable interest entity (“VIE”). A VIE is consolidated if the Company is deemed to be the primary beneficiary of the VIE, which is the party involved with the VIE that has both (i) the power to control the most significant activities of the VIE and (ii) either the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If an entity is not deemed to be a VIE, the Company consolidates the entity if the Company has a controlling voting interest. As of September 30, 2024 and 2023, there were approximately $77 million and $5 million of assets, respectively, and $2 million and $2 million of liabilities, respectively, related to VIEs included in our consolidated balance sheets. The Company has performed a review of all subsequent events through the date the financial statements were issued and has determined that no additional disclosures are necessary. Earnings per Share The consolidated statements of operations present basic and diluted earnings per share (“EPS”). The Company utilizes the two-class method to report earnings per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared and participation rights in undistributed earnings. Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. See also Note 3, Earnings Per Share. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Business Combinations The Company accounts for its business acquisitions under the FASB ASC Topic 805, Business Combinations (“ASC 805”) guidance for business combinations. The total cost of acquisitions is allocated to the underlying identifiable net assets based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Cash and Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. The Company includes checks outstanding at year end as a component of accounts payable, instead of a reduction in its cash balance where there is not a right of offset in the related bank accounts. The Company maintains certain cash deposits in excess of FDIC insurance limits. Accounts Receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recorded net of an allowance for current expected credit losses. Refund Liabilities and Allowance for Credit Losses Management’s estimate of Recorded Music physical products that will be returned, and the amount of receivables that will ultimately be collected is an area of judgment affecting reported revenues and operating income. In determining the estimate of physical product sales that will be returned, management analyzes vendor sales of product, historical return trends, current economic conditions, changes in customer demand and commercial acceptance of the Company’s products. Based on this information, management reserves a percentage of each dollar of physical product sales that provide the customer with the right of return. The provision for such sales returns is reflected as a reduction in the revenues from the related sale. Similarly, the Company monitors customer credit losses related to accounts receivable. Judgments and estimates are involved in evaluating if accounts receivable will ultimately be fully collected. On an ongoing basis, the Company tracks customer exposure based on news reports, ratings agency information, reviews of customer financial data and direct dialogue with customers. Counterparties that are determined to be of a higher risk are evaluated to assess whether the payment terms previously granted to them should be modified. The Company also monitors payment levels from customers, and an allowance for estimated credit losses is maintained based on such payment levels, historical experience, management’s views on trends in the overall receivable aging, for larger accounts, analyses of specific risks per customer, and reasonable and supportable forecasts of the economic and geopolitical conditions that may exist through the contractual life of the receivable. The Company will write off receivables only when they are deemed no longer collectible. Concentration of Credit Risk Customer credit risk represents the potential for financial loss if a customer is unwilling or unable to meet its agreed upon contractual payment obligations. As of both September 30, 2024 and September 30, 2023, Spotify AB represented 18% of the Company’s accounts receivable balance. No other single customer accounted for more than 10% of accounts receivable in either period. The Company, by policy, routinely assesses the financial strength of its customers. As such, the Company does not believe there is any significant collection risk. In the Music Publishing business, the Company collects a significant portion of its royalties from copyright collecting societies around the world. Collecting societies and associations generally are not-for-profit organizations that represent composers, songwriters and music publishers. These organizations seek to protect the rights of their members by licensing, collecting license fees and distributing royalties for the use of the members’ works. Accordingly, the Company does not believe there is any significant collection risk from such societies. Inventories Inventories consist of merchandise, vinyl, CDs, DVDs and other related music products. Inventories are stated at the lower of cost or estimated realizable value. Cost is determined using first-in, first-out (“FIFO”) and average cost methods, which approximate cost under the FIFO method. Returned goods included in inventory are valued at estimated realizable value, but not in excess of cost. Derivative and Financial Instruments The Company accounts for these investments as required by the FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), which requires that all derivative instruments be recognized on the balance sheet at fair value. ASC 815 also provides that, for derivative instruments that qualify for hedge accounting, changes in the fair value are either (a) offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or (b) recognized in equity until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The carrying value of the Company’s financial instruments approximates fair value, except for certain differences relating to long-term, fixed-rate debt (see Note 20) and other financial instruments that are not significant. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques. Property, Plant and Equipment Property, plant and equipment acquired in conjunction with business combinations are recorded at fair value. All other additions are recorded at historical cost. Depreciation is calculated using the straight-line method based upon the estimated useful lives of depreciable assets commencing at the date assets are placed in service as follows: five to seven years for furniture and fixtures, periods of up to five years for computer equipment and software and periods of up to thirteen years for machinery and equipment. Buildings are depreciated over periods of up to forty years. Leasehold improvements are depreciated over the life of the lease or estimated useful lives of the improvements, whichever period is shorter. Construction in progress assets are not depreciated until placed in service and available for their intended use, at which time they are assigned a useful life consistent with the nature of the asset. The Company accounts for costs incurred to develop or purchase computer software for internal use in accordance with FASB ASC Subtopic 350-40, Internal-Use Software (“ASC 350-40”). As required by ASC 350-40, the Company capitalizes the costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation, and testing. Accounting for Goodwill and Other Intangible Assets In accordance with FASB ASC Topic 350, Intangibles—Goodwill and Other (“ASC 350”), the Company accounts for business combinations using the acquisition method of accounting and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents synergies and economies of scale expected from the combination of services and is determined based on the excess of the purchase price over the fair value of net assets, including the amount assigned to identifiable intangible assets. Pursuant to this guidance, the Company does not amortize the goodwill balance and instead, performs an annual impairment test to assess the fair value of goodwill over its carrying value. Identifiable intangible assets with finite lives are amortized over their useful lives. Goodwill is tested annually for impairment on July 1 and at any time upon occurrence of certain events or changes in circumstances. ASC 350 gives an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount. If an entity determines it is not more likely than not that the fair value of a reporting unit or intangible asset is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if an entity concludes otherwise, then the quantitative impairment test shall be used to identify the impairment and measure the amount of an impairment loss to be recognized (if applicable). The Company performs an annual impairment test of its indefinite-lived intangible assets as of July 1 of each fiscal year, unless events occur which trigger the need for an earlier impairment test. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The Company must proceed to conduct a quantitative analysis if the Company (i) determines that such an impairment is more likely than not to exist or (ii) forgoes the qualitative assessment entirely. The impairment tests may require management to make assumptions about future conditions impacting the value of the indefinite-lived intangible assets, including projected growth rates, cost of capital, effective tax rates, tax amortization periods, royalty rates, market share and others. Valuation of Long-Lived Assets The Company periodically reviews the carrying value of its long-lived assets, including finite-lived intangibles, property, plant and equipment and amortizable intangible assets, whenever events or changes in circumstances indicate that the carrying value may not be recoverable or that the lives assigned may no longer be appropriate. To the extent the estimated future cash inflows attributable to the asset, less estimated future cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan to dispose of the assets, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell. If it is determined that events and circumstances warrant a revision to the remaining period of amortization, an asset’s remaining useful life would be changed, and the remaining carrying amount of the asset would be amortized prospectively over that revised remaining useful life. Foreign Currency The financial position and operating results of substantially all foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of equity as a component of accumulated other comprehensive loss. Foreign currency transaction gains and losses arise from exchange rate fluctuations on transactions denominated in a foreign currency other than the functional currency. The Company recorded foreign currency transaction gains of $2 million, gains of $4 million and losses of $11 million within operating income on the consolidated statement of operations during the years ended September 30, 2024, 2023 and 2022, respectively. Furthermore, the Company recorded foreign currency transaction losses of $72 million, losses of $37 million and gains of $185 million within other (expense) income, net on the consolidated statement of operations during the years ended September 30, 2024, 2023 and 2022, respectively. Revenues Recorded Music As required by FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when, or as, control of the promised services or goods is transferred to our customers and in an amount that reflects the consideration the Company is contractually due in exchange for those services or goods. The Company’s revenue recognition process involves several applications that are responsible for the initiation and processing of transactions in order to recognize revenue in accordance with the Company’s policy and ASC 606. Revenues from the sale or license of Recorded Music products through digital distribution channels are typically recognized when sale or usage occurs based on usage reports received from the customer. These licenses typically contain a single performance obligation, which is ongoing access to all intellectual property in an evolving content library, predicated on: (1) the business practice and contractual ability to remove specific content without a requirement to replace the content and without impact to minimum royalty guarantees and (2) the contracts not containing a specific listing of content subject to the license. For certain licenses where the consideration is fixed and the intellectual property being licensed is static, revenue is recognized at the point in time when control of the licensed content is transferred to the customer. Certain contracts contain minimum guarantees, which are recoupable against royalties. Upon contract inception, the Company will assess whether a shortfall or breakage is expected (i.e., where the minimum guarantee will not be recouped through royalties) in order to determine timing of revenue recognition for the minimum guarantee. For fixed fee contracts and minimum guarantee contracts where breakage is expected, the total transaction price (fixed fee or minimum guarantee) is recognized using an appropriate measure of progress over the contractual term. The Company updates its assessment of the transaction price each reporting period to see if anticipated royalty earnings exceed the minimum guarantee. For contracts where breakage is not expected, royalties are recognized as revenue as sales or usage occurs based upon the licensee’s usage reports and, when these reports are not available, revenue is based on historical data, industry information and other relevant trends. Music Publishing Music Publishing revenues are earned from the receipt of royalties relating to the licensing of rights in musical compositions and the sale of published sheet music and songbooks. The receipt of royalties principally relates to amounts earned from the public performance of musical compositions, the mechanical reproduction of musical compositions on recorded media, including digital formats and the use of musical compositions in synchronization with visual images. Music publishing royalties, except for synchronization royalties, generally are recognized when the sale or usage occurs. The most common form of consideration for publishing contracts is sales- and usage-based royalties. The collecting societies submit usage reports, typically with payment for royalties due, often on a quarterly or biannual reporting period, in arrears. Royalties are recognized as the sale or usage occurs based upon usage reports and, when these reports are not available, royalties are estimated based on historical data, such as recent royalties reported, company-specific information with respect to changes in repertoire, industry information and other relevant trends. Synchronization revenue is typically recognized as revenue when control of the license is transferred to the customer in accordance with ASC 606. See also Note 4, Revenue Recognition. Royalty Costs and Royalty Advances The Company incurs royalty costs that are payable to our recording artists and songwriters generated from the sale or license of our Recorded Music catalog and Music Publishing copyrights. Royalties are calculated using negotiated rates in accordance with recording artist and songwriter contracts and are based on revenue earned. There are instances where such data is not available to be processed and royalty cost calculations may involve judgments about significant volumes of data to be processed. In many instances, the Company commits to pay our recording artists and songwriters royalties in advance of future sales. The Company accounts for these advances under the related guidance in FASB ASC Topic 928, Entertainment—Music (“ASC 928”). Under ASC 928, the Company capitalizes as assets certain advances that it believes are recoverable from future royalties to be earned by the recording artist or songwriter. Recoverability is assessed upon initial commitment of the advance based upon the Company’s forecast of anticipated revenue from the sale of future and existing albums or musical compositions. In determining whether the advance is recoverable, the Company evaluates the current and past popularity of the recording artist or songwriter, the sales history of the recording artist or songwriter, the initial or expected commercial acceptability of the product, the current and past popularity of the genre of music that the product is designed to appeal to, and other relevant factors. Advances vary in both amount and expected life based on the underlying recording artist or songwriter. To the extent that a portion of an outstanding advance is no longer deemed recoverable, that amount will be expensed in the period the determination is made. Advertising As required by the FASB ASC Subtopic 720-35, Advertising Costs (“ASC 720-35”), advertising costs are expensed as incurred. Advertising expense amounted to approximately $119 million, $136 million and $155 million for the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022, respectively. Deferred advertising costs, which principally relate to advertisements that have been paid for but not been exhibited or services that have not been received, were not material for all periods presented. Stock-Based Compensation The Company accounts for stock-based payments in accordance with ASC 718, Compensation—Stock Compensation (“ASC 718”). Stock-based compensation consists primarily of restricted stock units (“RSUs”) granted to eligible employees and executives under the Omnibus Incentive Plan. The Company measures compensation expense for RSUs based on the fair value of the award on the date of grant. The grant date fair value is based on the closing market price of the Company’s Class A Common Stock on the date of grant. The Company accounts for forfeitures as they occur. Stock-based compensation is recognized on a straight-line basis over the requisite service period, which is generally four years. The Company also grants restricted stock to the Company’s directors. The Company recognizes stock-based compensation expense equal to the grant date fair value of the restricted stock, based on the closing stock price on grant date, on a straight-line basis over the requisite service period of the awards, which is generally one year. The Company also grants market-based performance share units (“PSUs”) to our Chief Executive Officer whereby the PSU award payout is determined based on the Company’s total shareholder return compared to a designated peer group. The Company recognizes stock-based compensation expense based on the grant date fair value of the PSUs using a Monte Carlo simulation model analysis, on a straight-line basis over the requisite service period of the awards, which is approximately three years. Income Taxes Income taxes are provided using the asset and liability method presented by FASB ASC Topic 740, Income Taxes (“ASC 740”). Under this method, income taxes (i.e., deferred tax assets, deferred tax liabilities, taxes currently payable/refunds receivable and tax expense) are recorded based on amounts refundable or payable in the current fiscal year and include the results of any differences between U.S. GAAP and tax reporting. Deferred income taxes reflect the tax effect of net operating loss, capital loss and general business credit carryforwards and the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statements and income tax purposes, as determined under enacted tax laws and rates. Valuation allowances are established when management determines that it is more likely than not that some portion or the entire deferred tax asset will not be realized. The financial effect of changes in tax laws or rates is accounted for in the period of enactment. Global Intangible Low-Taxed Income (“GILTI”) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. The Company made an election to recognize GILTI tax in the specific period in which it occurs. From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Judgment may be required in assessing and estimating the tax consequences of these transactions. The Company prepares and files tax returns based on its interpretation of tax laws and regulations. In the normal course of business, the Company’s tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessments by these taxing authorities. In determining the Company’s tax provision for financial reporting purposes, the Company establishes a reserve for uncertain tax positions, unless such positions are determined to be more likely than not of being sustained upon examination based on their technical merits. There is judgment involved in determining whether positions taken on the Company’s tax returns are more likely than not of being sustained. New Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”). The amendment clarifies the accounting for leasehold improvements for leases between entities under common control. Specifically, the ASU 2023-01 requires that leasehold improvements associated with common control leases be both: (1) amortized by the lessee over the useful life of the leasehold improvement to the common control group, regardless of the lease term, and (2) accounted for as an adjustment to equity when leasehold improvements are transferred between entities under common control when the lessee no longer controls the leasehold improvements. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023. The Company will adopt this guidance for the fiscal year beginning October 1, 2024 on a prospective basis for all new leasehold improvements recognized on or after that date. The adoption will not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment enhances reportable segment disclosure requirements, primarily by requiring enhanced disclosures about significant segment expenses, reporting for interim periods, and Chief Operating Decision Maker (“CODM”) related information. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendment enhances income tax disclosure requirements, by requiring enhanced disclosures on the income tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as cost of revenue and selling, general and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is in the process of evaluating the effect that the adoption of these standards will have on its consolidated financial statements.

Equity - Schedule of Unvested RSUs and PSUs (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units
Number of Share Units
Unvested units beginning balance (in shares)	2,876,084
Granted (in shares)	1,409,115
Vested (in shares)	(111,730)
Forfeited/canceled (in shares)	(46,864)
Unvested units ending balance (in shares)	4,126,605	2,876,084
Weighted-Average Grant Date Fair Value
Unvested and outstanding beginning balance (in dollars per share)	$ 37.30
Granted (in dollars per share)	35.79	$ 34.93	$ 44.38
Vested (in dollars per share)	36.58
Forfeited/canceled (in dollars per share)	34.08
Unvested and outstanding ending balance (in dollars per share)	$ 36.84	$ 37.30
Performance Share Units
Number of Share Units
Unvested units beginning balance (in shares)	254,731
Granted (in shares)	310,848
Vested (in shares)	0
Forfeited/canceled (in shares)	0
Unvested units ending balance (in shares)	565,579	254,731
Weighted-Average Grant Date Fair Value
Unvested and outstanding beginning balance (in dollars per share)	$ 60.25
Granted (in dollars per share)	43.49	$ 60.25
Vested (in dollars per share)	0
Forfeited/canceled (in dollars per share)	0
Unvested and outstanding ending balance (in dollars per share)	$ 51.04	$ 60.25

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Nov. 14, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax obligations	$ 5	$ 0	$ 6
Non-cash compensation expense	52	49	39
Non-cash stock-based compensation expense	$ 52	$ 49	$ 39
Omnibus Incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized, amount				$ 100
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 35.79	$ 34.93	$ 44.38
Awards vested in period, intrinsic value	$ 4	$ 1	$ 18
Unrecognized compensation costs	$ 37
Total compensation of unvested awards expected to be recognized, weighted average period	2 years 8 months 12 days
Non-cash stock-based compensation expense	$ 13
Restricted Stock Units (RSUs) \| Restructuring Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense	$ 14	$ 2
Performance Shares Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 43.49	$ 60.25
Unrecognized compensation costs	$ 16
Total compensation of unvested awards expected to be recognized, weighted average period	1 year 7 months 6 days
Non-cash stock-based compensation expense	$ 8	$ 4
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under Omnibus incentive plan (in shares)	206,298	276,516	463,826
Class A Common Stock \| Omnibus Incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized, amount				$ 100
Class A Common Stock \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under Omnibus incentive plan (in shares)	206,000	277,000	187,000
Shares issued under the plan (in shares)	1,738,016	869,008
Common Class B \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the plan (in shares)	2,270,136
Omnibus Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	31,169,099
Share awards vesting period	10 years
Shares held in employee stock option plan, allocated (in shares)	1,011,333
Common stock available for issuance (in shares)	30,157,766

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net income attributable to Warner Music Group Corp.	$ 435	$ 430	$ 551
Class A
Numerator
Net income attributable to Warner Music Group Corp.	122	119	149
Less: Net income attributable to participating securities	(6)	(6)	(7)
Net income attributable to common stockholders	$ 116	$ 113	$ 142
Denominator
Weighted average shares outstanding, basic (in shares)	140,882,000	138,070,000	133,662,000
Weighted average shares outstanding, diluted (in shares)	140,882,000	138,070,000	133,662,000
Basic EPS (in dollars per share)	$ 0.83	$ 0.82	$ 1.06
Diluted EPS (in dollars per share)	$ 0.83	$ 0.82	$ 1.06
Class B
Numerator
Net income attributable to Warner Music Group Corp.	$ 313	$ 311	$ 402
Less: Net income attributable to participating securities	0	0	0
Net income attributable to common stockholders	$ 313	$ 311	$ 402
Denominator
Weighted average shares outstanding, basic (in shares)	376,641,000	377,650,000	381,046,000
Weighted average shares outstanding, diluted (in shares)	376,641,000	377,650,000	381,046,000
Basic EPS (in dollars per share)	$ 0.83	$ 0.82	$ 1.06
Diluted EPS (in dollars per share)	$ 0.83	$ 0.82	$ 1.06

Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 430	$ 168	$ 46
Other comprehensive (loss) income	75	25	(145)
Ending balance	675	430	168
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(322)	(358)	(174)
Other comprehensive (loss) income	78	36	(184)
Ending balance	(244)	(322)	(358)
Minimum Pension Liability Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)	(2)	(11)
Other comprehensive (loss) income	(2)	1	9
Ending balance	(3)	(1)	(2)
Deferred Gains (Losses) On Derivative Financial Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1	13	(17)
Other comprehensive (loss) income	(1)	(12)	30
Ending balance	0	1	13
Accumulated Other Comprehensive Loss, net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(322)	(347)	(202)
Ending balance	$ (247)	$ (322)	$ (347)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Section 65
-Paragraph 1
-Subparagraph (d)(1)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
-Paragraph 2
-Subparagraph (e)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

Fair Value Measurements - Schedule of Reconciliation of Net Liabilities Classified as Level 3 (Details) - (Level 3) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (1)
Additions	0
Reductions	0
Payments	0
Ending balance	$ (1)

Related Party Transactions	12 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Lease Arrangements with Related Parties On March 29, 2019, an affiliate of Access acquired the Ford Factory Building, located on 777 S. Santa Fe Avenue in Los Angeles, California from an unaffiliated third party. The building is the Company’s Los Angeles, California headquarters and the Company is the sole tenant of the building acquired by Access. The existing lease agreement was assumed by Access upon purchase of the building and was not modified as a result of the purchase. Rental payments by the Company under the existing lease for the 2024 fiscal year were approximately $14 million and are subject to annual fixed increases throughout the remainder of the lease term. The remaining lease term is approximately 6 years, after which the Company may exercise a single option to extend the term of the lease for 10 years thereafter. On July 29, 2014, AI Wrights Holdings Limited, an affiliate of Access, entered into a lease and related agreements with Warner Chappell Music Limited and WMG Acquisition (UK) Limited, subsidiaries of the Company, for the lease of 27 Wrights Lane, Kensington, London, United Kingdom. The Company had been the tenant of the building which Access acquired. Subsequent to the change in ownership, the parties entered into the lease and related agreements pursuant to which, on January 1, 2015, the rent was increased to £3,460,250 per year and the term was extended for an additional five years from December 24, 2020 to December 24, 2025, with a market rate rent review which began on December 25, 2020. On June 26, 2023, the parties entered into an extension on substantially the same terms as the current lease for an additional five years with the lease now expiring on December 24, 2030. License Agreements with Deezer Access owns an equity interest in Deezer S.A., which was formerly known as Odyssey Music Group (“Odyssey”), a French company that controls and operates a music streaming service, formerly through Odyssey’s subsidiary, Blogmusik SAS (“Blogmusik”), under the name Deezer (“Deezer”), and is represented on Deezer S.A.’s Board of Directors. Subsidiaries of the Company have been a party to license arrangements with Deezer since 2008, which provide for the use of the Company’s sound recordings on Deezer’s ad-supported and subscription streaming services worldwide (excluding China, North Korea, and Japan (included for subscription services only)) in exchange for fees paid by Deezer. The Company has also authorized Deezer to include the Company’s sound recordings in Deezer’s streaming services where such services are offered as a bundle with third-party services or products (e.g., telco services or hardware products), for which Deezer is also required to make payments to the Company. Deezer paid to the Company an aggregate amount of approximately $41 million, $40 million and $36 million in connection with the foregoing arrangements during the fiscal years ended September 30, 2024, 2023 and 2022, respectively. In addition, in connection with these arrangements, (i) the Company was issued warrants to purchase shares of Deezer S.A., which it exercised in October 2024 for a small number of shares, and (ii) the Company purchased a small number of preferred shares of Deezer S.A. The Company also has various publishing agreements with Deezer. Warner Chappell has licenses with Deezer for use of repertoire on the service in Europe, which the Company refers to as a PEDL license (referencing the Company’s Pan European Digital Licensing initiative), and for territories in Latin America. For the PEDL and Latin American licenses for the fiscal years ended September 30, 2024, 2023 and 2022, Deezer paid the Company an additional approximately $2 million, $2 million and $2 million, respectively. Deezer also licenses other publishing rights controlled by Warner Chappell through statutory licenses or through various collecting societies. On April 13, 2022, the Company entered into an agreement to purchase 900,000 ordinary shares for €9 million of I2PO, a French Société Anonyme and special purpose acquisition company listed on the Paris Euronext Exchange. I2PO merged with Deezer S.A., which was consummated on July 5, 2022. In connection with the merger, preferred shares in Deezer S.A. previously held by the Company were converted into ordinary shares of the combined publicly traded entity. Following the consummation of the merger, I2PO was renamed Deezer. The Company’s equity interests in Deezer S.A. are recorded at fair value in accordance with ASC 321, Investments—Equity Securities based on quoted prices in active markets. As of September 30, 2024 and September 30, 2023, the fair value of these equity interests was approximately $8 million and $14 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Comprehensive Income (Loss) (Tables)

12 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following summary sets forth the changes in the components of accumulated other comprehensive loss, net of a related tax benefit of $2 million:


	Foreign Currency Translation Gains (Losses) (a)		Minimum Pension Liability Adjustment		Deferred Gains (Losses) On Derivative Financial Instruments		Accumulated Other Comprehensive Loss, net
	(in millions)
Balances at September 30, 2021	$	(174)	$	(11)	$	(17)	$	(202)
Other comprehensive loss	(184)		9		30		(145)
Balances at September 30, 2022	$	(358)	$	(2)	$	13	$	(347)
Other comprehensive income	36		1		(12)		25
Balances at September 30, 2023	$	(322)	$	(1)	$	1	$	(322)
Other comprehensive income	78		(2)		(1)		75
Balances at September 30, 2024	$	(244)	$	(3)	$	—	$	(247)

______________________________________

(a)Includes historical foreign currency translation related to certain intra-entity transactions.

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 segment customer	Sep. 30, 2023 customer	Sep. 30, 2022 customer
Segment Reporting Information [Line Items]
Number of fundamental operations \| segment	2
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk
Segment Reporting Information [Line Items]
Number of customers \| customer	3	3	3
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk \| Spotify
Segment Reporting Information [Line Items]
Customer concentration percentage (as a percent)	18.00%	18.00%	17.00%
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk \| YouTube
Segment Reporting Information [Line Items]
Customer concentration percentage (as a percent)	12.00%	12.00%	12.00%
Recorded Music And Music Publishing Segments \| Sales Revenue, Net \| Credit Concentration Risk \| Apple
Segment Reporting Information [Line Items]
Customer concentration percentage (as a percent)	11.00%	11.00%	11.00%

Property, Plant and Equipment (Tables)

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:


	September 30, 2024		September 30, 2023
	(in millions)
Land	$	11	$	11
Buildings and improvements	216		194
Furniture and fixtures	45		37
Computer hardware and software	650		592
Construction in progress	132		107
Machinery and equipment	42		40
Gross Property, Plant and Equipment	$	1,096	$	981
Less: Accumulated depreciation	(615)		(523)
Net Property, Plant and Equipment	$	481	$	458

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 19	$ 19	$ 20
Additions Charged to Cost and Expenses	10	5	5
Deductions	(3)	(5)	(6)
Balance at End of period	26	19	19
Reserves for sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	19	19	23
Additions Charged to Cost and Expenses	37	39	52
Deductions	(36)	(39)	(56)
Balance at End of period	20	19	19
Allowance for deferred tax asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	25	29	38
Additions Charged to Cost and Expenses	1	1	2
Deductions	(1)	(5)	(11)
Balance at End of period	$ 25	$ 25	$ 29

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 478	$ 439	$ 555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	327	332	339
Unrealized losses (gains) and remeasurement of foreign-denominated loans and foreign currency forward exchange contracts	68	38	(169)
Deferred income taxes	(48)	(13)	13
Loss on extinguishment of debt	0	4	0
Net loss (gain) on investments	(6)	(3)	46
Net loss (gain) on divestitures	(32)	(42)	0
Non-cash interest expense	6	2	6
Non-cash stock-based compensation expense	52	49	39
Non-cash impairments and restructuring	57	0	0
Changes in operating assets and liabilities:
Accounts receivable, net	(110)	(113)	(195)
Inventories	30	(12)	(22)
Royalty advances	(222)	(191)	(94)
Other noncurrent assets	(85)	(10)	(12)
Accounts payable and accrued liabilities	86	77	(21)
Royalty payables	275	256	158
Accrued interest	(6)	1	3
Operating lease liabilities	(5)	(4)	(6)
Deferred revenue	(133)	(58)	86
Other balance sheet changes	22	(65)	16
Net cash provided by operating activities	754	687	742
Cash flows from investing activities
Acquisition of music publishing rights and music catalogs	(187)	(114)	(191)
Capital expenditures	(116)	(127)	(135)
Investments and acquisitions of businesses, net of cash received	(40)	(126)	(509)
Proceeds from the sale of investments	13	22	11
Proceeds from divestitures	19	45	0
Net cash used in investing activities	(311)	(300)	(824)
Cash flows from financing activities
Deferred financing costs paid	(2)	(3)	(5)
Distribution to noncontrolling interest holders	(8)	(12)	(6)
Dividends paid	(361)	(340)	(318)
Payment of deferred and contingent consideration	(20)	(133)	(7)
Taxes paid related to net share settlement of restricted stock units and common stock	(5)	0	(6)
Other	0	(1)	(5)
Net cash (used in) provided by financing activities	(396)	(325)	188
Effect of exchange rate changes on cash and equivalents	6	(5)	(21)
Net increase in cash and equivalents	53	57	85
Cash and equivalents at beginning of period	641	584	499
Cash and equivalents at end of period	694	641	584
Senior Term Loan Facility
Cash flows from financing activities
Proceeds from issuance of secured note	104	146	0
Repayment of senior secured notes	(104)	0	0
Term Loan Mortgage
Cash flows from financing activities
Proceeds from issuance of secured note	0	19	0
Repayment of senior secured notes	0	(1)	0
3.750% Senior Secured Notes
Cash flows from financing activities
Proceeds from issuance of secured note	$ 0	$ 0	$ 535

Debt - Maturities of Senior Notes and Senior Secured Notes (Details) - Senior Notes	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Long-term debt, maturities, repayments of principal in next rolling twelve months	$ 0
Long-term debt, maturities, repayments of principal in rolling year five	363,000,000
Long term debt maturities repayments of principal in rolling after year five	$ 2,372,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Leases - Schedule of Supplemental Disclosures (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 59	$ 56
Right-of-use assets obtained in exchange for operating lease obligations	$ 18	$ 77

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	$ 9	$ 15
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	9	15
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	0	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value	0	$ 0
Other Noncurrent Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, statement of financial position [extensible enumeration]		Other assets
Other Noncurrent Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	(1)	$ (1)
Other Noncurrent Liabilities \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	0	0
Other Noncurrent Liabilities \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	0	0
Other Noncurrent Liabilities \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contractual Obligations	$ (1)	(1)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		2
Interest Rate Swap \| (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		0
Interest Rate Swap \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		2
Interest Rate Swap \| (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment with readily determinable fair value		$ 0
Interest Rate Swap \| Other Current Assets \| (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, statement of financial position [extensible enumeration]		Prepaid and other current assets

Income Taxes - Schedule of Current and Deferred Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Federal:
Current	$ 26	$ 36	$ 23
Deferred	(45)	(5)	44
Foreign:
Current	137	128	128
Deferred	3	(3)	(30)
U.S. State:
Current	8	19	21
Deferred	(6)	(5)	(1)
Income tax expense	123	170	185
Cash withholding taxes	$ 28	$ 38	$ 27

Debt - Debt Capitalization Narrative (Details)	Sep. 30, 2024	Nov. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Revolving Credit Facility \| Line of Credit
Short-Term Debt [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio	3.50
Acquisition Corp. \| Revolving Credit Facility
Short-Term Debt [Line Items]
Debt instrument, covenant, total indebtedness to EBITDA ratio		3.60
2.750% Senior Secured Notes due 2028 \| Acquisition Corp.
Short-Term Debt [Line Items]
Interest rate (as a percent)	2.75%
3.750% Senior Secured Notes
Short-Term Debt [Line Items]
Interest rate (as a percent)	3.75%		3.75%	3.75%
3.750% Senior Secured Notes \| Acquisition Corp.
Short-Term Debt [Line Items]
Interest rate (as a percent)	3.75%
3.875% Senior Secured Notes due 2030 \| Acquisition Corp.
Short-Term Debt [Line Items]
Interest rate (as a percent)	3.875%
2.250% Senior Secured Notes \| Acquisition Corp.
Short-Term Debt [Line Items]
Interest rate (as a percent)	2.25%
3.000% Senior Secured Notes due 2031 \| Acquisition Corp.
Short-Term Debt [Line Items]
Interest rate (as a percent)	3.00%

Derivative Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 0	$ 0
Deferred gains (losses) in comprehensive loss related to foreign exchange hedging	0	0
Other comprehensive gain (loss), cash flow hedge, loss, after reclassification and tax	(1,000,000)	(12,000,000)	$ 30,000,000
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative, notional amount	0	500,000,000
Other comprehensive gain (loss), cash flow hedge, loss, after reclassification and tax	0	1,000,000
Pre-tax gains (losses) of the company derivative interest rate swaps	(1,000,000)	(16,000,000)
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Losses on derivative, net	$ 1,000,000	$ 6,000,000

Related Party Transactions (Details) € in Millions, $ in Millions			12 Months Ended
	Apr. 13, 2022 EUR (€) shares	Jan. 01, 2015 GBP (£)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 26, 2023
Related Party Transaction [Line Items]
Remaining lease term			6 years	7 years
Extended lease term			10 years
Revenue			$ 6,426	$ 6,037	$ 5,919
I2PO
Related Party Transaction [Line Items]
Business acquisition, number of shares acquired (in shares) \| shares	900,000
Final purchase price \| €	€ 9
Fair value of equity interests			8	14
Warner and Chappell Music Limited and WMG Acquisition Limited
Related Party Transaction [Line Items]
Extended lease term		5 years				5 years
Payments for rent \| £		£ 3,460,250
Deezer \| Streaming Service License
Related Party Transaction [Line Items]
Revenue			41	40	36
Deezer \| PEDL And Latin America Licenses
Related Party Transaction [Line Items]
Revenue			2	$ 2	$ 2
Building
Related Party Transaction [Line Items]
Related party transactions, annual rent payments			$ 14
Remaining lease term			6 years
Extended lease term			10 years

Restructuring and Impairments - Schedule of Restructuring Accrual Activity (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring and impairments	$ 135
Strategic Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0
Restructuring and impairments	121
Cash payments	(17)
Ending balance	104
Severance Costs
Restructuring Reserve [Roll Forward]
Beginning balance	19
Restructuring and impairments	(1)
Cash payments	(15)
Ending balance	3
Severance Costs \| Strategic Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0
Restructuring and impairments	116
Cash payments	(17)
Ending balance	99
Contract Termination Costs \| Strategic Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0
Restructuring and impairments	5
Cash payments	0
Ending balance	$ 5

Equity

12 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity

Warner Music Group Corp. 2020 Omnibus Incentive Plan

In connection with the IPO, the Company’s board of directors and stockholders approved the Warner Music Group Corp. 2020 Omnibus Incentive Plan, or the “Omnibus Incentive Plan.” The Omnibus Incentive Plan provides for the grant of incentive common stock, stock options, restricted stock, RSUs, performance awards and stock appreciation rights to employees, consultants and directors. The aggregate number of shares of common stock available for issuance under the Omnibus Incentive Plan is 31,169,099 shares of Class A Common Stock over the 10-year period from the date of adoption.

To date, the Company has issued common stock, RSUs restricted stock, and PSUs under the Omnibus Incentive Plan. The RSUs were granted to eligible employees and executives, common stock and restricted stock was granted to members of the Company’s Board of Directors, and PSUs were granted to our CEO. Except in the case of certain awards issued in connection with the IPO, holders of RSUs and restricted stock are entitled to dividends during the vesting period.

During the fiscal years ended September 30, 2024, 2023 and 2022, shares of Class A Common Stock issued under the Omnibus Incentive Plan were 206,298, 276,516, and 463,826, respectively. During the fiscal years ended September 30, 2024, 2023, and 2022, shares of Class A Common Stock issued which were net of shares used to settle employee income tax obligations of approximately $5 million, $0 million, and $6 million, respectively.

As of September 30, 2024, a total of 1,011,333 shares of Class A Common Stock were issued under the Omnibus Incentive Plan. As of September 30, 2024, there were 30,157,766 shares of Class A Common Stock available to be issued.

Restricted Stock Units and Performance Share Units

The following table summarizes the activity for the Company’s unvested RSUs and PSUs:


	Restricted Stock Units			Performance Share Units
	Number of Share Units	Weighted-Average Grant Date Fair Value		Number of Share Units	Weighted-Average Grant Date Fair Value
Unvested and outstanding balance as of September 30, 2023	2,876,084	$	37.30	254,731	$	60.25
Granted	1,409,115	35.79		310,848	43.49
Vested	(111,730)	36.58		—	—
Forfeited/canceled	(46,864)	34.08		—	—
Unvested and outstanding balance as of September 30, 2024	4,126,605	$	36.84	565,579	$	51.04

The weighted-average grant date fair value of RSUs granted during the fiscal years ended September 30, 2024, 2023 and 2022 was $35.79, $34.93 and $44.38, respectively. The total intrinsic value of RSUs vested during the fiscal years ended September 30, 2024, 2023 and 2022 was $4 million, $1 million and $18 million, respectively, computed as of the date of vesting.

The weighted-average grant date fair value of PSUs granted during the fiscal years ended September 30, 2024 and 2023 was $43.49 and $60.25, respectively.

As of September 30, 2024, total unrecognized compensation cost related to RSUs was approximately $37 million, which is expected to be recognized over a weighted-average period of approximately 2.7 years. The Company satisfies the vesting of RSUs by issuing new shares of its Class A Common Stock.

As of September 30, 2024, total unrecognized compensation cost related to PSUs was approximately $16 million, which is expected to be recognized over a weighted-average period of approximately 1.6 years. The Company satisfies the vesting of PSUs by issuing new shares of its Class A Common Stock.

Common Stock

Prior to the IPO, certain eligible employees elected to participate in our Senior Management Free Cash Flow Plan (the “Plan”) which offered them the opportunity to share in the appreciation of the value of our common stock. During the fiscal year ended September 30, 2024, in connection with the Plan, the Company issued a total of 1,738,016 shares of Class A Common Stock to settle a portion of participants’ deferred equity units previously issued under the Plan. Additionally, remaining Plan participants redeemed the remaining portions of their vested Class B equity units of WMG Management Holdings LLC in exchange for a total of 2,270,136 shares of Class B Common Stock which were converted to shares of Class A Common Stock upon the exchange.

During the fiscal year ended September 30, 2023, in connection with the Plan, the Company issued a total of 869,008 shares of Class A Common Stock to settle a portion of a participant’s deferred equity units previously issued under the Plan.

Stock-Based Compensation Expense

Stock-based compensation expense is included in the consolidated statements of operations as selling, general and administrative expenses. The Company recognized total non-cash stock-based compensation expense of $52 million, $49 million and $39 million for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

During the fiscal years ended September 30, 2024 and 2023, the Company issued PSUs to our Chief Executive Officer whereby the PSU award payout is determined based on the Company’s total shareholder return compared to a designated peer group. For the fiscal years ended September 30, 2024, and September 30, 2023, non-cash stock-based compensation associated with these PSUs was approximately $8 million and $4 million, respectively which is a component of total non-cash stock-based compensation recognized for each respective period..

In connection with the departure of our Chief Executive Officer and Chief Financial Officer, the Company recognized approximately $13 million of non-cash stock-based compensation expense associated with RSUs and common stock as there is no remaining service required for vesting which is a component of total non-cash stock-based compensation recorded for the period. This amount is reflected as a share-based compensation liability as of September 30, 2023.

During the fiscal year ended September 30, 2024, the Company recognized $14 million of non-cash stock-based compensation related to the accelerated vesting of certain RSUs in connection with the Strategic Restructuring Plan. During the fiscal year ended September 30, 2023, the Company recognized $2 million of non-cash stock-based compensation related to the accelerated vesting of certain RSUs in connection with the 2023 Restructuring Plan, respectively. Both amounts are a component of total non-cash stock-based compensation recognized for each respective period.

Repurchase Program

On November 14, 2024, the Company’s board of directors authorized a new $100 million share repurchase program, which is intended to offset dilution from the Omnibus Incentive Plan. Under this authorization, the Company may, from time to time, purchase shares of its Class A Common Stock through open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions, tender offers or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act. The $100 million share repurchase authorization does not obligate the Company to purchase any shares. We may commence such repurchases immediately, subject to compliance with applicable securities laws. We may enter into a pre-arranged stock trading plan in accordance with the guidelines specified under Rule 10b5-1 to effectuate all or a portion of the share repurchase program. We expect to finance any repurchases from a combination of cash on hand and cash provided by operating activities. The timing and method of any repurchases, which will depend on a variety of factors, including market conditions, are subject to our results of operations, financial condition, liquidity and other factors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by the board of directors at any time.

Debt - Interest Expense, net (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Interest expense, net	$ 161	$ 141	$ 125
Interest expense, debt	$ 182	$ 157	$ 125
Long-term debt, weighted average interest rate, at point in time	4.30%	4.10%	3.50%

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Income Tax Contingency [Line Items]
Return to provision adjustments	$ 15	$ (4)	$ 4
Tax benefit related to federal research and development credits	3	8	0
Uncertain tax positions	(3)	7	(3)
Reinvested earnings at foreign subsidiaries	456
Accrued interest and penalties	1	2
Uncertain income tax position not recognized	11	14
Decrease in uncertain tax positions resulting from ongoing audits and settlements	2	0	0
France Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforward	11
Spain Tax Authority
Income Tax Contingency [Line Items]
Net operating loss carryforward	5
His Majesty's Revenue and Customs (HMRC)
Income Tax Contingency [Line Items]
Net operating loss carryforward	5
Foreign Tax Jurisdiction
Income Tax Contingency [Line Items]
Tax benefit related to federal research and development credits		$ 8
Release of valuation allowance			$ 8
Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforward	0
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating loss carryforward	$ 21

Leases

12 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

The Company’s lease portfolio consists of operating real estate leases for its corporate offices and, to a lesser extent, storage and other equipment. Under FASB ASC Topic 842, Leases (“ASC 842”), a contract is or contains a lease when (1) an explicitly or implicitly identified asset has been deployed in the contract and (2) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company determines if an arrangement is or contains a lease at inception of the contract. For all leases (finance and operating), other than those that qualify for the short-term recognition exemption, the Company will recognize on the balance sheet a lease liability for its obligation to make lease payments arising from the lease and a corresponding right-of-use (“ROU”) asset representing its right to use the underlying asset over the period of use based on the present value of lease payments over the lease term as of the lease commencement date. ROU assets are adjusted for initial direct costs, lease payments made and incentives. As the rates implicit in our leases are not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This rate is based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments. The lease term used to calculate the lease liability will include options to extend or terminate the lease when the option to extend or terminate is at the Company’s discretion and it is reasonably certain that the Company will exercise the option. Fixed payments are recognized as lease expense on a straight-line basis over the lease term. For leases with a term of one year or less, the lease payments are recognized in the consolidated statements of operations on a straight-line basis over the lease term.

ASC 842 requires that only limited types of variable payments be included in the determination of lease payments, which affects lease classification and measurement. Variable lease costs, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated balance sheet. The initial measurement of the lease liability and ROU asset are determined based on fixed lease payments. Lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are variable and are recognized in the period in which the payments are incurred.

The Company’s operating ROU assets are included in operating lease right-of-use assets and the Company’s current and non-current operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, noncurrent, respectively, in the Company’s balance sheet.

Operating lease liabilities are amortized using the effective interest method. That is, in each period, the liability will be increased to reflect the interest that is accrued on the related liability by using the appropriate discount rate and decreased by the lease payments made during the period. The subsequent measurement of the ROU asset is linked to the amount recognized as the lease liability. Accordingly, the ROU asset is measured as the lease liability adjusted by (1) accrued or prepaid rents (i.e., the aggregate difference between the cash payment and straight-line lease cost), (2) remaining unamortized initial direct costs and lease incentives, and (3) impairments of the ROU asset. Operating lease costs are included in Selling, general and administrative expenses.

For lease agreements that contain both lease and non-lease components, the Company has elected the practical expedient provided by ASC 842 that permits the accounting for these components as a single lease component (rather than separating the lease from the non-lease components and accounting for the components individually).

The Company enters into operating leases for buildings, office equipment, production equipment, warehouses, and other types of equipment. Our leases have remaining lease terms of 1 year to 19 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

Among the Company’s operating leases are its leases for the Ford Factory Building, located at 777 S. Santa Fe Avenue in Los Angeles, California, and for 27 Wrights Lane, Kensington, London, United Kingdom. The landlord for both leases is an affiliate of Access. As of September 30, 2024 and September 30, 2023, the aggregate lease liability related to these leases was $99 million and $110 million, respectively. See also Note 15, Related Party Transactions.

There are no restrictions or covenants, such as those relating to dividends or incurring additional financial obligations, relating to our lease portfolio, and residual value guarantees are not significant.

The components of lease expense were as follows:


	Fiscal Year Ended September 30,
	2024		2023
	(in millions)
Lease Cost
Operating lease cost	$	53	$	52
Short-term lease cost	—		—
Variable lease cost	12		13

Total lease cost	$	65	$	65

The Company incurred and recorded other occupancy expenses of $26 million and $25 million for the fiscal years ended September 30, 2024 and 2023, respectively.

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended September 30,
	2024		2023
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	59	$	56
Right-of-use assets obtained in exchange for operating lease obligations	18		77

Supplemental balance sheet information related to leases was as follows:


	September 30, 2024			September 30, 2023
	(in millions)
Operating Leases
Operating lease right-of-use assets	$	225		$	245

Operating lease liabilities, current	$	45		$	41
Operating lease liabilities, noncurrent	228			255
Total operating lease liabilities	$	273		$	296

Weighted Average Remaining Lease Term
Operating leases	6 years			7 years
Weighted Average Discount Rate
Operating leases	5.56		%	5.55		%

Maturities of lease liabilities were as follows:


Fiscal Year Ended September 30,	Operating Leases
	(in millions)
2025	$	58
2026	55
2027	52
2028	51
2029	48
Thereafter	63
Total lease payments	327
Less: Imputed interest	(54)
Total	$	273

As of September 30, 2024, we have additional operating leases for facilities that have not yet commenced with total lease obligations of $7 million and a weighted average lease term of 5 years.

Segment Information

12 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Based on the nature of its products and services, the Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing, which also represent the reportable segments of the Company. Information as to each of these operations is set forth below. The Company evaluates performance based on several factors, of which the primary financial measure is operating income (loss) before non-cash depreciation of tangible assets and non-cash amortization of intangible assets adjusted to exclude the impact of non-cash stock-based compensation and other related expenses and certain items that affect comparability including but not limited to gains or losses on divestitures and expenses related to restructuring and transformation initiatives, which includes costs associated with the Company’s financial transformation initiative to design and implement new information technology and upgrade our finance infrastructure (“Adjusted OIBDA”). Items excluded are not viewed to contribute directly to management’s evaluation of operating results.

During the three months ended December 31, 2023, the Company changed the measure used to evaluate segment profitability from OIBDA to Adjusted OIBDA which is consistent with how the Company's CODM evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that Adjusted OIBDA represents the most relevant measure of segment profit and loss. All disclosures relating to segment profitability, including those for the fiscal years ended September 30, 2023 and 2022, have been revised as a result of this change.

The accounting policies of the Company’s business segments are the same as those described in the summary of significant accounting policies included elsewhere herein. The Company accounts for intersegment sales at fair value as if the sales were to third parties. While intercompany transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses recognized by the segment that is counterparty to the transaction) are eliminated in consolidation, and therefore, do not themselves impact consolidated results.


	Recorded Music		Music Publishing		Corporate expenses and eliminations		Total
	(in millions)
2024
Revenues	$	5,223	$	1,210	$	(7)	$	6,426
Adjusted OIBDA	1,282		330		(180)		1,432
Total assets	4,945		3,017		1,193		9,155
Capital expenditures	28		1		87		116
2023
Revenues	$	4,955	$	1,088	$	(6)	$	6,037
Adjusted OIBDA	1,093		296		(154)		1,235
Total assets	4,677		2,781		1,087		8,545
Capital expenditures	39		1		87		127
2022
Revenues	$	4,966	$	958	$	(5)	$	5,919
Adjusted OIBDA	1,046		233		(130)		1,149
Capital expenditures	52		1		82		135


	For the year ended September 30,
	2024		2023		2022
Operating income	$	823	$	790	$	714
Amortization expense	224		245		263
Depreciation expense	103		87		76
Restructuring and impairments	177		42		8
Transformation initiative costs	76		53		46
Executive transition costs	—		7		—
Net gain on divestitures	(32)		(41)		—
Non-cash stock-based compensation and other related costs	61		52		42
Adjusted OIBDA	$	1,432	$	1,235	$	1,149

Revenues relating to operations in different geographical areas are set forth below for the fiscal years ended September 30, 2024, September 30, 2023 and September 30, 2022. Total long-lived assets relating to operations in different geographical areas, which consist of property, plant and equipment, net and operating lease right-of-use assets, net, are set forth below as of September 30, 2024 and September 30, 2023.


	2024				2023				2022
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues
	(in millions)
United States	$	2,870	$	460	$	2,766	$	473	$	2,744
United Kingdom	774		39		726		39		734
Germany	513		99		535		98		613
All other territories	2,269		108		2,010		93		1,828
Total	$	6,426	$	706	$	6,037	$	703	$	5,919

Customer Concentration

In the fiscal year ended September 30, 2024, the Company had three customers, Spotify, YouTube and Apple, that individually represented 10% or more of total revenues, whereby Spotify AB represented 18%, YouTube represented 12% and Apple represented 11% of total revenues. In the fiscal year ended September 30, 2023, the Company had three customers, Spotify, YouTube, and Apple, that individually represented 10% or more of total revenues, whereby Spotify represented 18%, YouTube represented 12%

and Apple represented 11% of total revenues. In the fiscal year ended September 30, 2022, the Company had three customers, Spotify, YouTube and Apple that individually represented 10% or more of total revenues, whereby Spotify represented 17%, YouTube represented 12% and Apple represented 11% of total revenues. These customers’ revenues are included in both the Company’s Recorded Music and Music Publishing segments and the Company expects that the Company’s license agreements with these customers will be renewed in the normal course of business.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Statements of Operations - USD ($)
$ in Millions

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2022

Revenue

$ 6,426

$ 6,037

$ 5,919

Costs and expenses:

Cost of revenue

(3,355)

(3,177)

(3,080)

Selling, general and administrative expenses

^[1]

(1,879)

(1,826)

(1,862)

Restructuring and impairments

(177)

(40)

Amortization expense

(224)

(245)

(263)

Total costs and expenses

(5,635)

(5,288)

(5,205)

Net gain on divestitures

Operating income

823

790

714

Loss on extinguishment of debt

(4)

Interest expense, net

(161)

(141)

(125)

Other (expense) income, net

(61)

(36)

151

Income before income taxes

601

609

740

Income tax expense

(123)

(170)

(185)

Net income

478

439

555

Less: Income attributable to noncontrolling interest

(43)

(9)

(4)

Net income attributable to Warner Music Group Corp.

435

430

551

Class A Common Stock

Costs and expenses:

Net income attributable to Warner Music Group Corp.

$ 122

$ 119

$ 149

Net income per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.83

$ 0.82

$ 1.06

Diluted (in dollars per share)

$ 0.83

$ 0.82

$ 1.06

Weighted average common shares:

Basic (in shares)

140,882,000

138,070,000

133,662,000

Diluted (in shares)

140,882,000

138,070,000

133,662,000

Class B Common Stock

Costs and expenses:

Net income attributable to Warner Music Group Corp.

$ 313

$ 311

$ 402

Net income per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.83

$ 0.82

$ 1.06

Diluted (in dollars per share)

$ 0.83

$ 0.82

$ 1.06

Weighted average common shares:

Basic (in shares)

376,641,000

377,650,000

381,046,000

Diluted (in shares)

376,641,000

377,650,000

381,046,000

[1]	Includes depreciation expense of $(87), $(76), and $(77) for the fiscal years ended September 30, 2023, 2022, and 2021 respectively.

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Class A Common Stock	Class B Common Stock	Total Warner Music Group Corp. Equity (Deficit)	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-controlling Interest
Beginning balance (in shares) at Sep. 30, 2021					122,414,000	391,971,000
Beginning balance at Sep. 30, 2021	$ 46			$ 31	$ 0	$ 1	$ 1,942	$ (1,710)	$ (202)	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	555			551				551		4
Other comprehensive (loss) income, net of tax	(145)			(145)					(145)
Dividends	(318)			(318)				(318)
Stock-based compensation expense	43			43			43
Distribution to noncontrolling interest holders	(6)									(6)
Vesting of restricted stock units, net of shares withheld for employee taxes (in shares)					277,000
Vesting of restricted stock units, net of shares withheld for employee taxes	(6)			(6)			(6)
Conversion of Class B shares to Class A shares (in shares)					14,321,000	14,321,000
Shares issued under Omnibus incentive plan (in shares)		463,826			187,000
Other	(1)			(4)			(4)			3
Ending balance (in shares) at Sep. 30, 2022					137,199,000	377,650,000
Ending balance at Sep. 30, 2022	168			152	$ 0	$ 1	1,975	(1,477)	(347)	16
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	439			430				430		9
Other comprehensive (loss) income, net of tax	25			25					25
Dividends	(340)			(340)				(340)
Stock-based compensation expense	39			39			39
Distribution to noncontrolling interest holders	(12)									(12)
Acquisition of noncontrolling interests	112									112
Shares issued under the plan (in shares)					869,008
Shares issued under Omnibus incentive plan (in shares)		276,516			277,000
Other	(1)			1			1			(2)
Ending balance (in shares) at Sep. 30, 2023		138,345,000	377,650,000		138,345,000	377,650,000
Ending balance at Sep. 30, 2023	430			307	$ 0	$ 1	2,015	(1,387)	(322)	123
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	478			435				435		43
Other comprehensive (loss) income, net of tax	75			75					75
Dividends	(361)			(361)				(361)
Stock-based compensation expense	67			67			67
Distribution to noncontrolling interest holders	(8)									(8)
Acquisition of noncontrolling interests	(1)									(1)
Shares issued under the plan (in shares)					1,738,016	2,270,136
Exchange of Class B shares for Class A shares (in shares)					2,270,000	2,270,000
Shares issued under Omnibus incentive plan (in shares)		206,298			206,000
Shares issued under Omnibus Incentive Plan	(5)			(5)			(5)
Ending balance (in shares) at Sep. 30, 2024		142,559,000	375,380,000		142,559,000	375,380,000
Ending balance at Sep. 30, 2024	$ 675			$ 518	$ 0	$ 1	$ 2,077	$ (1,313)	$ (247)	$ 157

Comprehensive Income (Loss)

12 Months Ended

Sep. 30, 2024

Equity [Abstract]

Comprehensive Income (Loss)

Comprehensive income, which is reported in the accompanying consolidated statements of equity, consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. For the Company, the components of other comprehensive income primarily consist of foreign currency translation gains and losses, minimum pension liabilities, and deferred gains and losses on financial instruments designated as hedges under ASC 815, Derivatives and Hedging. The following summary sets forth the changes in the components of accumulated other comprehensive loss, net of a related tax benefit of $2 million:


	Foreign Currency Translation Gains (Losses) (a)		Minimum Pension Liability Adjustment		Deferred Gains (Losses) On Derivative Financial Instruments		Accumulated Other Comprehensive Loss, net
	(in millions)
Balances at September 30, 2021	$	(174)	$	(11)	$	(17)	$	(202)
Other comprehensive loss	(184)		9		30		(145)
Balances at September 30, 2022	$	(358)	$	(2)	$	13	$	(347)
Other comprehensive income	36		1		(12)		25
Balances at September 30, 2023	$	(322)	$	(1)	$	1	$	(322)
Other comprehensive income	78		(2)		(1)		75
Balances at September 30, 2024	$	(244)	$	(3)	$	—	$	(247)

______________________________________

(a)Includes historical foreign currency translation related to certain intra-entity transactions.

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.69	$ 0.65	$ 0.61

Segment Information - Schedule of Components of Adjusted OIBDA to Operating Income (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Operating income	$ 823	$ 790	$ 714
Amortization expense	224	245	263
Depreciation expense	103	87	76
Restructuring and impairments	177	42	8
Transformation initiative costs	76	53	46
Executive transition costs	0	7	0
Net gain on divestitures	(32)	(41)	0
Non-cash stock-based compensation and other related costs	61	52	42
Adjusted OIBDA	$ 1,432	$ 1,235	$ 1,149