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.
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