RAIN Notes: Monday, February 26
Warner Music Group
Warner Music Group launches podcast network for “breadth of voices and perspectives”
Warner Music Group (WMG) today unveiled its new podcast network, Interval Presents, which will produce multi-format, culture-forward audio content at the intersection of music, pop culture, and social impact. The initiative marks the first major music label to follow in Sony Music’s lead; Sony entered the podcast arena five years ago in May, 2017. Click for show details. Continue Reading
Warner Music Group receives approval for Nasdaq stock listing
Warner Music Group shared its interest in going public earlier this year, but the COVID-19 pandemic caused a delay in its plans. Even though the virus continues to wreak havoc on both markets and populations, the company is continuing to lay groundwork to move forward with listing. Continue Reading
Warner Music Group takes hits in Q2 financial results
Warner Music Group released its financials for its fiscal second quarter. In the period ending March 31, The company posted a net loss of $74 million, reversing the income of $67 million in the year-ago period. The label also saw a slight dip of 1.7% in revenue, falling from $1.09 billion to $1.07 billion. Continue Reading
Warner Music Group invests in major African digital music distributor
Warner Music Group has made an investment in Africori, a digital music distribution company operating across Sub-Saharan Africa. Africori has worked with more than 6,500 artists and 700 labels, offering music rights management and artist development services as well as distribution. Continue Reading
Warner promotes Oana Ruxandra as new chief digital officer
Warner Music Group has appointed Oana Ruxandra as its new chief digital officer and executive vice president of business development. She rejoined WMG in 2018 after two years at Universal Music Group, and was most recently the company’s interim head of business development and its EVP, new business channels – chief acquisition officer. Continue Reading
Warner Music Group gets a win in royalty lawsuit, delays IPO plans
Warner Music Group has gotten a reprieve in court. A federal judge in California declined to certify a class action lawsuit that claimed the label did not pay artists the correct share of digital streaming royalties. In addition, the label appears to be adjusting its IPO timeline. Continue Reading
Warner Music Group plans IPO, returning to public roots
Warner Music Group is going public once more. Yesterday, the major label announced its plans for an IPO and filed with the SEC to move ahead with the common stock offering. WMG has been a privately owned company for the past eight years. Continue Reading
Spotify and Warner end India spat thanks to licensing agreement
Spotify has reached a licensing deal with Warner Music Group, which ends a complicated international dispute between the companies. The two parties had been locked in a legal debate about Spotify’s launch in India last February. Continue Reading
Warner Music digital music revenue rose for the quarter and year
Warner Music Group released financial results from its fourth quarter and for its 2019 fiscal year. In the three-month period ending September 30, the major label generated a net income of $91 million, reversing a loss of $13 million in the fourth quarter of 2018. Continue Reading
Warner Music Group inks licensing deal with artist-focused Audiomack
Warner Music Group has entered a licensing deal with Audiomack. It is the first major label deal for Audiomack, a free streaming service focused on discovery for artists and labels. The two parties will work together on breaking emerging artists and connecting them with fans early in their careers. Continue Reading
Warner Music Group sees digital revenue share continue to grow in Q3
Warner Music Group posted a 10.4% increase in total revenue for its third quarter of the 2019 fiscal year, reaching nearly $1.06 billion. Digital revenue reached $648 million, up 12.5% on-year for the period ending June 30. Continue Reading