Robert Kyncl, CEO of Warner Music Group speaks onstage during Vox Media's 2023 Code Conference at The Ritz-Carlton, Laguna Niguel on Sept. 26, 2023 in Dana Point, Calif.Warner Music Group reported earnings on Thursday , and there was much that its executives wanted to discuss beyond the usual profitability metrics and balance sheet management.
The final reason for their optimism is the various price increases at the DSPs that Kyncl believes his side will benefit from, including things like higher wholesale prices earned off of family plans and other multi-user subscription streaming plans that currently get discounts; higher-priced subscriptions for super fans; and premium audio or further audience segmentation. “Wholesale prices generally go up,” Kyncl said.
Kyncl said 10K has demonstrated “phenomenal growth from top line to bottom line” since Warner began a joint venture with the independent label last year, and he thinks Grainge and his team’s digitally native approach gives Warner an edge for how music is being consumed and shared and how artists are being discovered today.
Kyncl also praised Grainge for his intensity — “I love that about him” — and said he takes strong points of view when making decisions, adding that doing so appeals to talent.Cutting costs, reducing its headcount and restructuring some label groups saved an estimated $260 million on an annualized basis, WMG“Our focus on efficiency has freed up capital, enabling us to increase our investments in growth opportunities,” Kyncl said in prepared remarks.
Additionally, WMG continues to explore companies to acquire that could fill a need within its larger companies — so-called bolt-on acquisitions.this summer to lead M&A; WMG’s companies around the globe are now exploring the gaps in their services and looking to Ryan-Southern’s team for suggestions on acquisitions to fit those needs.
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