Warner Music Group CEO Robert Kyncl received a pay cut in the major music labels latest fiscal year.

Kyncls annual compensation package reached $18.63 million in fiscal 2024, according to a regulatory filing with the Securities and Exchange Commission. That followed Kyncl receiving $20.42 million in overall pay in fiscal 2023, his first year on the job.

For the latest fiscal year, Kyncl earned a $2 million base salary, the same he received in fiscal 2023. His $3.1 million bonus last year was up from the $2.28 million bonus he earned in fiscal 2023. Kyncl, a former YouTube chief business officer, succeeded Stephen Cooperas CEO in early 2023. Major artists on the Warner Music roster include Ed Sheeran, Bruno Mars, Benson Boone, Charli XCX, Zach Bryan and Teddy Swims.

Stock awards of $13.5 million in fiscal 2024 were down from a year-earlier $15.3 million in stock awards. Kyncls pay package for fiscal 2024 included no non-equity compensation, as in the year-earlier period, and $11,500 million in other compensation.

The major label has been seeing revenue growth in recent years due to rising fees from music subscription services andtech initiatives, including investments inartificial intelligencesoftware and apps, to reduce costs and drive market reach for creators.

Warner Music CFO Bryan Castellani received an annual compensation package of $5.8 million in fiscal 2024, his first year on the job. And former CFO Eric Levin saw his overall pay for fiscal 2024 fall to $2.38 million, against a year-earlier $4.3 million.