WARNER’S ANNUAL STREAMING REVENUE TOPS $2BN!
“WHO’$ MAKING THE MONEY MOVES?!
Warner Music Group (WMG) generated over $2 billion in recorded music streaming revenues in the 12 months to end of September.
Major sellers in Q4 2019 included Ed Sheeran, Lizzo, Mariya Takeuchi, Slipknot and Cardi B.
Revenue from streaming services grew by $396m to $2.13bn for the fiscal year ended September 30, up from $1.73bn in the prior fiscal year.
The news came in WMG’s full-year financial results published today (November 27), in which the music company reported $258m net profit for FY 2019.
Total annual WMG revenues – across recorded music, publishing and other activities – stood at $4.48bn, up 12% on the $4.01bn posted in the prior year.
WMG’s specific recorded music revenue rose 14.3% (or 17.2% in constant currency) to $3.84bn in the year.
The company’s major sellers in the past year included Ed Sheeran, Johnny Hallyday, The Greatest Showman soundtrack, Cardi B and Meek Mill.
WMG’s total music publishing (i.e. Warner Chappell Music) revenue was $643m, down $10m on the prior year, while music publishing digital revenue increased 14.3% (or 17.3% in constant currency) from $237m in FY 2018 to $271m.
Revenue from digital sources represented 42.1% of total music publishing revenue versus 36.3% in the prior year.
“With $619 million on our balance sheet at year-end, the cash generating power of our business has never been clearer.”
by Murray Stassen, Music Business Worldwide 2019 Read more here https://bit.ly/2XZ2aDD