Warner Music Group’s earnings report boasted solid numbers, but its CEO Stephen Cooper and CFO Eric Levin's comments that should have the music industry paying attention
From subscription pricing to virtual artists, five takeaways from WMG’s earnings report.
As for Warner’s finances, looking at trailing 12-month revenue, which removes the effect of any one quarter, Warner improved by 13.2%. Physical sales returned to normalcy, climbing from $51 million in a pandemic-stricken quarter a year earlier to $130 million; the quarter included Record Store Day on June 12, which led to record one-week vinyl sales in the U.S., according to MRC Data . Growth in streaming revenue was adequate at 22.5% for recorded music close to Universal Music Group’s 23.
It's difficult to predict which social platform will become a source of meaningful royalties, but safe to assume that social media will play an influential role in the future. Facebook and TikTok are such large platforms that labels and publishers can expect them to become major payers.
We may find out sooner than you think, as major labels are among the investors giving virtual artists an opportunity for mainstream success. Warner Music’s bet is Spirit Bomb, a real record label with a roster of virtual artists recorded by real musicians. Cooper called virtual artists “not an illogical next step” and said Warner is “determined to lead the crossovers of these virtual beings into the music world.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rico Nasty, Pusha T, and More Artists Shine a Light On the DMV’s Unsung Music SceneSpotify's “Sunday Dinner” shows appreciation for the DMV.
Read more »
Miranda Lambert Features Her Ab-Tastic Brothers-in-Law in Music VideoMiranda Lambert threw a party for her TequilaDoes music video and it was BYO6Pack.
Read more »
Justine Skye Looks Like a Modern-Day Cher Horowitz in Her New Music VideoTake a look at Justine Skye's nostalgic outfits in her music video for 'In My Bag.' We love her fuzzy coat and pleated tennis skirt.
Read more »
Aaliyah's Music to Return After a Decade: The Inside StoryAaliyah’s uncle, Blackground Records founder Barry Hankerson, has struck a deal with EMPIRE to put his catalog back on the market after a decade out of print.
Read more »
Justin Bieber apologizes for promoting Morgan Wallen's musicJustin Bieber apologized for promoting Morgan Wallen's album six months after the country singer was caught on video using a racial slur.
Read more »
DJ Paul Johnson, house music icon, dies at 50 after Covid battleDJ Paul Johnson, the Chicago house music icon who influenced artists such as Daft Punk, has died at age 50 following a battle with Covid-19, according to his agency.
Read more »