Warner Music Group reported fiscal fourth-quarter revenue of $1.63 billion, up 4 percent from a year ago, but net income of $48 million fell 69 percent from $154 million a year ago.

The bottom line drop disclosed on Thursday was put down to higher interest expense and the impact of exchange rates on the companys Euro-denominated debt, producing a loss of $35 million in the quarter, against a gain of $25 million in the prior-year quarter.

Recorded music revenue rose 4 percent to $1.33 billion on growth across licensing, digital, physical and artist services and higher rights revenue. That was offset by music publishing revenue off 1 percent to $295 million due to the end of a distribution agreement with BMG, which meant $25 million less in overall revenue. Major sellers in the quarter included Benson Boone, Charli XCX, Zach Bryan and Teddy Swims.

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

Our performance this quarter and this year demonstrated our strength and adaptability in a thriving, fast-moving market, Robert Kyncl, CEO of Warner Music Group, said in a statement on Thursday.

We continue to evolve WMG, based on the principle that simplicity and focus drive higher intensity and global impact. This is enhancing our ability to attract original artists and songwriters at all stages of their careers, helping them realize their musical visions, and grow passionate, loyal fanbases, he added.