Are Major Labels Making A Comeback? | MUSIK !D TV NEWS
According to Music Business Worldwide, Warner Music Group made $917 million in revenues for the three months ending June 30, the company’s biggest fiscal Q3 since WMG was acquired by a group of investors led by Edgar Bronfman Jr. for $2.6 billion in late 2003.
So what caused the boom in revenue? Yes, you guessed it, Streaming. Artists such Ed Sheeran, Bruno Mars, Gorillaz, Clean Bandit and TWICE are the company’s top selling artists whose successful album and single streams led to the surge of growth.
Total digital revenues were up 30% to $496m – claiming 54.1% of overall sales.
“Our momentum continues with our eighth consecutive quarter of revenue growth – the last seven of which were up double digits,” said Steve Cooper, Warner Music Group’s CEO. “Our artists and songwriters are creating great music, and our team is outperforming in a growing industry.”
Do you think this will set the tone for other music labels? Let us know what you think in the comments below.