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Warner Music Group COO and CFO Armin Zerza is stepping down from his role, the company announced on Friday, noting that the executive has decided to leave for “personal reasons.” Warner Records COO Tom Corson will replace Zerza WMG’s as COO, and the company is starting a search for its next CFO. Zerza “will remain…
Warner Music Group posted $1.7 billion in revenue for the company’s second quarter, WMG reported Thursday, a 17 percent jump from a year ago. Recorded music revenue was similarly up 17 percent, up to $1.38 billion from $1.17 billion, and publishing revenue rose 14 percent to $453 million. Net income spiked to $181 million from…
The business of music long has been an incestuous one, even when the players aren’t related. But some of the leaders of today’s recorded music industry — 84 percent of which is housed under the three major label groups, Universal, Warner and Sony — actually are. When Lucian Grainge, chairman and CEO of UMG, took…
Warner Music Group reported fiscal fourth-quarter revenue of $1.63 billion, up 4 percent from a year ago, but net income of $48 million fell 69 percent from $154 million a year ago. The bottom line drop disclosed on Thursday was put down to higher interest expense and the impact of exchange rates on the company’s…
Warner Music Group, home to the likes of Ed Sheeran, Dua Lipa and Cardi B, saw fourth quarter revenue and net income rise after music streaming services brought in long-anticipated subscription price hikes. The major music label saw total revenue for the three months to Sept. 30 rise 6 percent to $1.58 billion, beating an…
Warner Music Group has unveiled former Disney exec Bryan Castellani as executive vp and chief financial officer. He will join the music major with Ed Sheeran and Dua Lipa in its talent roster on Oct. 16 and is set to replace Eric Levin. The longtime CFO will remain with WMG until the end of 2023 before…
Universal Music Group — the music label behind Sting, The Weeknd, Nicki Minaj and Ariana Grande – has decided to embrace artificial intelligence, rather than only fight the new technology. UMG has signed a deal with sound wellness company Endel to enable its roster of artists to use proprietary AI technology to create mood music soundscapes…
Warner Music’s New CEO Robert Kyncl Targets “Next Phase of Our Evolution,” Notes “Challenging Business Environment” Warner Music Group, home to the likes of Ed Sheeran, Cardi B and Bruno Mars, reported lower fiscal first-quarter revenue and earnings on Thursday as new CEO Robert Kyncl set his sights on “the next phase of our evolution,”…
“#David Bowie’s estate sells his music publishing catalog for over $250M” David Bowie’s estate has inked a deal with Warner Chappell Music, the publishing arm of Warner Music Group, to sell the singer’s music publishing catalog, the company said Monday. The sale comes as part of a rush of similar deals with ZZ Top, Bruce…
“#Music labels clamor to buy pricey Sting and David Bowie catalogs” Major record labels are clamoring to acquire the song catalogs of rock ‘n’ roll icons — and they’re poised to shell out hundreds of millions of dollars to get the deals done. Universal Music Group, the world’s largest record label, which reps the likes…