Subscriptions remain strong, and “music is highly undervalued,” according to Deezer CEO Jeronimo Folgueira.
The iPhone maker's services business, which includes Apple Music, hit $21.2 billion in the quarter.
Artificial intelligence "will rapidly be available to elevate the quality of the music," said CEO Denis Ladegaillerie while delivering midyear earnings.
UMG also reported publishing revenues rose nearly 35% on the year.
"The macro economic conditions are certainly impacting the entire advertising marketplace,” said CEO Bob Pittman.
Revenue grew 44% from pre-pandemic 2019 levels to $16.68 billion.
Concert revenue grew tenfold for the NCT Dream and Red Velvet label, while recorded music sales declined 3.7%.
Revenues increased to $642.2 million ahead of the company's spin-off of its live entertainment business, which it expects to complete by the end of March.
WMG's net income was off 34% compared to the year-ago quarter, which had an extra week.
The company ended 2022 with roughly 935 million paid subscriptions across services like Apple TV+ and Apple Music.
