LABELS ARE CLOSE TO GENERATING $1m FROM STREAMING
- Music News
- November 2, 2019
The major labels are close to generating $1m from streaming every hour – but global growth is actually slowing down..
Streaming revenues continue to shoot upwards at the three major record companies: Universal, Sony, and Warner are now jointly turning over nearly $1m every hour from the format, according to MBW’s calculations.
Yet there is a fly in the ointment: monetary growth in streaming revenues across these three companies actually declined year-on-year in both calendar Q2 and the first half of 2019.
First, the good news: according to data pertaining to calendar Q2 provided by Universal owner Vivendi, plus Sony Corp and Warner Music Group over the past few weeks, the three majors generated $2.08bn from recorded music streaming consumption in the three months to end of June.
This works out at $23.13m each day in the period – on the verge of a million-dollars-an-hour rate the music industry could once only have dreamed of.
However, that $2.08bn figure also harbors a less positive story under its hood… (MBW)