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Revenue Recognition
 6 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
The Company’s revenue consists of the following categories, which aggregate into the segments – Recorded Music and Music Publishing:
Three Months Ended
March 31,		Six Months Ended
March 31,
2024202320242023
(in millions)
Revenue by Type
Digital$848 $796 $1,756 $1,599 
Physical111 118 265 251 
Total digital and physical
959 914 2,021 1,850 
Artist services and expanded-rights126 131 330 337 
Licensing104 98 283 195 
Total Recorded Music1,189 1,143 2,634 2,382 
Performance52 45 103 90 
Digital187 146 383 295 
Mechanical15 16 30 30 
Synchronization48 46 87 85 
Other4 4 7 7 
Total Music Publishing306 257 610 507 
Intersegment eliminations(1)(1)(2)(2)
Total revenues
$1,494 $1,399 $3,242 $2,887 
Revenue by geographical location
U.S. Recorded Music$508 $522 $1,135 $1,061 
U.S. Music Publishing170 135 342 268 
Total U.S.678 657 1,477 1,329 
International Recorded Music681 621 1,499 1,321 
International Music Publishing136 122 268 239 
Total international
817 743 1,767 1,560 
Intersegment eliminations(1)(1)(2)(2)
Total revenues
$1,494 $1,399 $3,242 $2,887 
Sales Returns and Uncollectible Accounts
Based on management’s analysis of sales returns, refund liabilities of $18 million and $19 million were established at March 31, 2024 and September 30, 2023, respectively.
Based on management’s analysis of estimated credit losses, reserves of $21 million and $19 million were established at March 31, 2024 and September 30, 2023, respectively.
Deferred Revenue
Deferred revenue increased by $306 million during the six months ended March 31, 2024 related to cash received from customers for fixed fees and minimum guarantees in advance of performance, including amounts recognized in the period. Revenues of $261 million were recognized during the six months ended March 31, 2024 related to the balance of deferred revenue at September 30, 2023. There were no other significant changes to deferred revenue during the reporting period.
Performance Obligations
For the six months ended March 31, 2024 and March 31, 2023, the Company recognized revenue of $74 million and $41 million, respectively, from performance obligations satisfied in previous periods.
Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2024 are as follows:
Rest of FY24
FY25
FY26
ThereafterTotal
(in millions)
Remaining performance obligations$352 $285 $23 $6 $666 
Total$352 $285 $23 $6 $666