Warner Music Group’s CEO, Robert Kyncl, has highlighted Burna Boy and Dua Lipa as key contributors to the company’s robust second-quarter performance, which saw total revenue hit $1.554 billion. The two artists played pivotal roles, particularly in boosting streaming revenue, a major factor in the company’s success.
In his report, Kyncl emphasised the impact of Burna Boy and Dua Lipa’s projects on Warner Music Group’s Q2 performance. He noted that their music, along with contributors from other top artists, was instrumental in driving the company’s growth.
Also, he underscored the importance of streaming in the music industry, explaining that new hits often create a “halo effect” that boosts an artist’s entire catalog.
Despite a slight 1.1% year-on-year decrease in recorded music revenue, Warner Music Group experienced a 10.2% increase in streaming revenue, reaching $863 million. Subscription streaming revenue also saw a notable rise, growing 13.7% to $640 million. Additionally, Warner Chappell Music, the company’s publishing arm, reported an 8.9% year-on-year increase in revenue, generating $305 million.
Lastly, Burna Boy’s contribution to Warner Music Group’s success marks a milestone for African artists, who are increasingly making their mark on the global music industry. With Tyla’s debut album also contributing to Sony’s $1.92 billion Q2 performance, it’s evident that African music is on the rise, making a notable impact on the global stage.
