Warner Music Group just bucked the trend of streaming revenue growth slowdowns. How?
Sunday 29 September 2024
Warner Music Group just bucked the trend of streaming revenue growth slowdowns. How?
While Universal Music Group and Sony both reported slower streaming revenue growth in the quarter ending June 2024, Warner's results tell a different story. The company's recorded music streaming revenues grew by 10.2% year-over-year, and its subscription streaming revenues saw an even higher 13.7% YoY growth.
CEO Robert Kyncl highlighted these numbers during Warner's Q2 earnings report, offering a sharp contrast to the more modest growth rates posted by UMG (4.1% YoY) and Sony (5-6% YoY). Warner's strong performance quickly boosted investor confidence, with Warner's stock rising 1.9% and UMG's jumping 6.5% following the report.
Warner's ability to post double-digit streaming growth is notable, especially amid concerns over the industry's long-term growth potential. Kyncl and his team outlined several factors contributing to the company's success during the earnings call, positioning Warner as a standout performer in the current streaming landscape.
