Streaming ‘Just the Beginning’ of New ‘Golden Age’ in Music: WMG CEO
Though Warner Music Group’s digital revenue increased 15% in fiscal Q4, ended Sept. 30 from the year-earlier quarter, total revenue declined 1%, said CEO Steve Cooper on a Monday investors call. WMG had a 45% revenue decline “in areas of…
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our business that are most aligned with touring and live appearances, and therefore most disrupted by COVID,” he said. The pandemic “reinforced the importance of technology across every aspect of our business, from how we sign talent to how we market music to how we pay royalties,” said Cooper. WMG sees subscription streaming as “just the beginning” of a new “golden age” in music, one “of many avenues for long-term growth,” he said. Music revenue from social media is growing faster than that of subscription streaming, and gaming “is among the fastest-growing sectors of digital media,” he said.