Warner Music Group (WMG) is one of the three major music entertainment companies globally, alongside Universal Music Group and Sony Music. WMG's core business is signing, developing, and commercializing music — both recorded music and the underlying musical compositions. WMG operates two segments: Recorded Music (~81% of revenue), which encompasses signing artists, funding recordings, and distributing music through labels including Atlantic Records, Warner Records, and Parlophone; and Music Publishing (~19% of revenue), operated through Warner Chappell Music, which owns or administers rights to over two million compositions. WMG's roster includes Ed Sheeran, Bruno Mars, Dua Lipa, and Coldplay, as well as legacy catalog from Led Zeppelin, Fleetwood Mac, and Prince. WMG makes money by licensing music rights to streaming platforms (DSPs) like Spotify, Apple Music, and YouTube, as well as to broadcasters, film studios, and advertisers. Streaming accounts for roughly two-thirds of recorded music revenue. WMG invests upfront in A&R — signing artists and funding recordings — and then earns royalties for decades with low incremental cost. Catalog music (over three years old) drives roughly two-thirds of recorded music streaming revenue. WMG is pursuing growth through increased A&R investment, DSP contract renegotiations to embed wholesale price escalators, global expansion in markets like India and Brazil, and catalog M&A via a $1.2B joint venture with Bain Capital. WMG is also targeting $300M in annualized cost savings by end of FY27 to fund A&R reinvestment and margin expansion.