• Warner Music Group average gross margin for 2023 was 47.5%, a 0.94% increase from 2022.
• Warner Music Group average gross margin for 2022 was 47.95%, a 0.95% decline from 2021.
• Warner Music Group average gross margin for 2021 was 48.41%, a 2.3% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.