Increasing Consumer Uptake of Streaming Services Can Help Drive Warner Music
Warner Music Group is the third largest of the three major global record labels, with Vivendi’s Universal Music first and Sony Music second. Like its peers, Warner increasingly depends on streaming. Streaming services delivered 65% of total recording segment revenue in fiscal 2023, up from 30% in fiscal 2016. This percentage actually understates the overall impact of streaming, as Warner Music does not break out the streaming portion of publishing revenue separately.