Who needs Spotify? Warner Music is making $270M a year from ‘alternative offerings’
Warner Music Group is now earning $270 million per year in addition to revenue from music streaming, sales. publishing and other traditional music income sources.
WMG is earning these millions from “alternative offerings that create new use cases for music.”
What are “new use cases for music?”
Facebook, TikTok, Peloton and Roblox were all cited by WMG CEO Steeve Cooper.
Cooper placed alternative income at $235 million, but an MBW analysis put the number at $270 million per year and growing.
“We believe that this intersection between gaming, fitness, [and] social/digital, will drive substantial revenues in the future,” said the CEO.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.