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Revenue Recognition
 9 Months Ended
Jun. 30, 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
June 30,		Nine Months Ended
June 30,
2024202320242023
(in millions)
Revenue by Type
Digital$882 $846 $2,638 $2,445 
Physical120 126 385 377 
Total digital and physical
1,002 972 3,023 2,822 
Artist services and expanded-rights159 218 489 555 
Licensing90 92 373 287 
Total Recorded Music1,251 1,282 3,885 3,664 
Performance52 40 155 130 
Digital194 182 577 477 
Mechanical13 16 43 46 
Synchronization42 41 129 126 
Other4 4 11 11 
Total Music Publishing305 283 915 790 
Intersegment eliminations(2)(1)(4)(3)
Total revenues
$1,554 $1,564 $4,796 $4,451 
Revenue by geographical location
U.S. Recorded Music$517 $557 $1,652 $1,618 
U.S. Music Publishing161 147 503 415 
Total U.S.678 704 2,155 2,033 
International Recorded Music734 725 2,233 2,046 
International Music Publishing144 136 412 375 
Total international
878 861 2,645 2,421 
Intersegment eliminations(2)(1)(4)(3)
Total revenues
$1,554 $1,564 $4,796 $4,451 
Sales Returns and Uncollectible Accounts
Based on management’s analysis of sales returns, refund liabilities of $19 million and $19 million were established at June 30, 2024 and September 30, 2023, respectively.
Based on management’s analysis of estimated credit losses, reserves of $23 million and $19 million were established at June 30, 2024 and September 30, 2023, respectively.
Deferred Revenue
Deferred revenue increased by $391 million during the nine months ended June 30, 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 $314 million were recognized during the nine months ended June 30, 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 three months ended June 30, 2024 and June 30, 2023, the Company recognized revenue of $35 million and $27 million, respectively, from performance obligations satisfied in previous periods. For the nine months ended June 30, 2024 and June 30, 2023, the Company recognized revenue of $109 million and $68 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 June 30, 2024 are as follows:
Rest of FY24
FY25
FY26
ThereafterTotal
(in millions)
Remaining performance obligations$158 $302 $27 $6 $493 
Total$158 $302 $27 $6 $493