Warner Music Group (WMG) reported a 23% decline in annual profit for the fiscal year ending Sept. 30 on Thursday (Nov. 20), as restructuring costs and the end of the company’s BMG distribution deal weighed on revenue.

However, executives struck an optimistic tone during their earnings presentation, pointing to higher publishing and recorded music revenue, driven by subscription streaming growth, as evidence that their cost-cutting and reinvestment strategy was working.

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