on Wednesday thanks to lower costs and solid revenue gains from streaming subscriptions and digital — which helped offset a drop in physical revenue due to release timing and a difficult year-ago comparison, according to the company. All of that led to a boost in the company’s stock, which had risen nearly 2% by the end of trading on Wednesday .
On the call, Kyncl was asked about the sources of WMG’s subscription streaming revenue after other music companies reported less stellar growth on that metric this quarter. That included Universal Music Group , which saw aKyncl said WMG’s revenue mix has remained largely the same and cautioned the financial community to resist viewing Spotify as a proxy for the music industry. “It’s much more diversified ,” Kyncl said.
“That’s simply not the case,” Kyncl said. “We’re actively engaged with our partners around ways to drive growth for all of us. Streaming dynamics remain healthy, with plenty of headroom for subscriber growth in both established and emerging markets across multiple partners. Also, price optimization and improvements in the royalty models will provide ongoing opportunities for additional growth.
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