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.
The streaming giant's stock rose after beating expectations on two closely watched metrics: subscriber growth and gross margins.
Daniel Ek also signals a shift to "becoming more efficient" following a period of heavy investment.
Despite an improved gross margin, the company's operating loss deepened due to an increase in marketing spending and "significant investments" in headcount.
