Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2024

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


	Three Months Ended December 31,
	2024		2023
	(in millions)
Revenue by Type
Digital	$	873	$	908
Physical	166		154
Total digital and physical	1,039		1,062
Artist services and expanded-rights	196		204
Licensing	110		179
Total Recorded Music	1,345		1,445
Performance	56		51
Digital	207		196
Mechanical	14		15
Synchronization	39		39
Other	7		3
Total Music Publishing	323		304
Intersegment eliminations	(2)		(1)
Total revenues	$	1,666	$	1,748
Revenue by geographical location
U.S. Recorded Music	$	532	$	627
U.S. Music Publishing	173		172
Total U.S.	705		799
International Recorded Music	813		818
International Music Publishing	150		132
Total international	963		950
Intersegment eliminations	(2)		(1)
Total revenues	$	1,666	$	1,748

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at December 31, 2024 are as follows:


	Rest of FY25		FY26		FY27		Thereafter		Total
	(in millions)
Remaining performance obligations	$	329	$	153	$	5	$	1	$	488
Total	$	329	$	153	$	5	$	1	$	488