Tag - Warner Music Group
Music streaming services have become the largest source of revenue for Warner Music Group, the record label has confirmed. In its second quarter financial results ending March 31, streaming from services such as Apple Music have overtaken both physical sales and downloads from iTunes and other online stores to provide the most recorded music revenue in the quarter, marking the first time a major record label's revenue sources have changed in this way.
Audio distribution platform SoundCloud is on the cusp of launching its premium subscription service, adding another layer of offerings to help the company generate revenue. The premium ad-free service will be launched in 2015, with Warner Music Group signing on as the first major label to earn money from the sharing and streaming hub.
According to "sources familiar with the company," Google is planning to debut a new subscription music service sometime during the Google I/O conference. Reports have surfaced that Google has signed licensing deals with Universal Music Group, Sony Music Entertainment, and Warner Music Group, the three largest record labels in the world in preperations to launch the music offering.
Neil Young has made an appearance on the David Letterman show to promote a new music player and digital music service branded Pono. The new Pono players will support the playback of audio master files stored digitally in high-resolution, 192kHz/24-bit sound, reports Rolling Stone. The new Pono service, which will launch next year, has the backing of Warner Music Group with Meridian and Dolby involved as well.
Warner Music Group was reported its fourth quarter sales, and while they stayed consistent, at $780 million, revenue from digital music sales increased by 17 percent. What's more, it is now a 28 percent slice of the pie of all sales. This is a sign of the changing way music lovers access their music, and the label provided a further breakdown of these sales.
Sister Sledge has filed a lawsuit Thursday against Warner Music Group. The San Francisco complaint caught by the Hollywood Reporter accused Warner of cheating the "We Are Family" singers of revenue on iTunes, Amazon MP3, and other stores through purportedly deceptive terms. By counting a download as a one-time sale rather than a license, Warner was taking the group down from a 25 percent cut to much less.
A Boston University student has been found guilty of violating copyright laws after he admitted to illegally sharing music could face as much as $4.5 million in fines. In court, Joel Tenenbaum admitted he downloaded and then shared 30 tracks from artists like Nirvana, Green Day, The Smashing Pumpkins and more, says a Friday report. The statement leaves the court primarily to decide whether or not the infringement was purposeful or unintentional and assign Tenenbaum's penalty. The sum could range from $750 to $30,000 per infringement, or shared song, but a ruling by the jury could bump that number to $150,000 per song.