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Warner Music Group fiscal year revenue exceeded $4 billion for the first time

Warner Music Group released its financial results for the fourth quarter and fiscal year ending September 30, 2018. Quarterly revenue increased 13.3% to $1.039 billion, with $596 million of that stemming from digital sources. For the full fiscal year, total revenue was $4.005 billion, up 12%, and total digital revenue for the year was $2.252 billion. Continue Reading

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Sony and Warner each net millions from Spotify stock sale

Spotify’s direct listing on the New York Stock Exchange marked a new chapter for the streaming music service, and the action has continued to make waves in the industry. The latest developments are that two of the major labels that were early investors in Spotify during its startup days have sold portions of their shares. Continue Reading

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Warner attempts to exit CD-related employees, for more streaming investment

Warner Music Group (WMG) is reportedly attempting to ease 130 employees out of the company, offering them buyouts. According to Billboard, those staffers “deal with physical product,” which probably means the CD part of Warner’s business. The action is targeted within WEA, the distribution, marketing and sales division of WMG. Billboard’s sources indicate that the projected cost saving would be applied to distribution and marketing of streaming music. Continue Reading