Ad-Supported StreamingThere is an apparent slowdown in ad-supported streaming, suggesting WMG's business is not completely immune from macro headwinds.
Music Streaming GrowthConcerns are raised about the underlying music streaming industry growth slowing more quickly than expected, which is reflected in WMG's multiple compression over the past year.
Recorded Music RevenueRecorded music revenue decreased 6.9%, driven by lower concert promotion revenue and a decrease in revenue related to the exit of owned and operated media properties.