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Strong year for Warner Music Group with revenue up 19% to $5.30 billion in 2020-21

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Warner Music Group ended its fiscal year 2020-21 with strong revenues and profits, despite the pandemic. For the full fiscal year, ending September 30, 2021, WMG's total revenue grew 19% (or 15% in constant currency) to $5.3 billion. Net income was $307 million versus net loss of $470m in the prior year, while adjusted EBITDA increased 30% to $1.09bn versus $837m in the prior year. US and international revenue represented 44.5% and 55.5% of total revenue, respectively, compared to 43.3% and 56....

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Emmanuel is a Washington, DC-based freelance journalist, blogger and media consultant, specialising in the entertainment business and cultural trends. He was the US editor for British music industry trade publication Music Week. Previously, he was the editor of Impact, a magazine for the music publishing community (2007-2009), the global editor of US trade publication Billboard (2003-2006), and the editor in chief of Billboard’s sister publication Music & Media (1997-2003).

Creative Industries

Dutch authors and journalists send cease-and-desist letter to Meta over the use of copyrighted works to train Llama

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The Dutch Association of Journalists (NVJ), the Authors’ Union (Auteursbond), and writers’ rights organisation Lira Foundation have sent a cease-and-desist letter to Meta, enjoining the parent company of Facebook and Instagram to using copyrighted material written by Dutch authors, reporters, and translators to train its Llama artificial intelligence models. NVJ General Secretary Thomas Bruning said the letter was a first step. If Meta fails to address the issue exposed in the letter, the organ...

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Creative Industries

British media groups launch the SPUR (Standards for Publisher Usage Rights) coalition to promote responsible AI

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Five leaders of British media groups have joined forces to establish the SPUR (Standards for Publisher Usage Rights) coalition, with the mission to establish shared technical standards and responsible licensing frameworks as a response to the development of AI. The guidelines and standards will "ensure AI developers can access high quality, reliable journalism in legitimate, responsible and convenient ways, while guaranteeing that publishers retain practical control of their content and receive ...

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Creative Industries

Primary Wave on the blocks to acquire Kobalt Music Group — Report

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Primary Wave, the New York-based music asset management company, is reportedly in "advanced stages" of considering a bid to acquire independent music publisher Kobalt Music Group, in a deal that would combine catalogues with a market value of $7 billion, according to a report from Billboard. Billboard estimates that Primary Wave’s portfolio has a value close to $6 billion, while Kobalt was worth $750 million when the company was acquired in 2022 by a group of investors led by Francisco Partners....

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