WMG boss Robert Kyncl has welcomed the latest set of price rises from music streaming services, but hopes they will become a regular thing.
“We see these initial price increases as an encouraging start,” he told analysts in WMG’s latest earnings call yesterday.
“There’s no evidence that the services are experiencing elevated levels of churn. We believe the market will bear further price increases in the future and we’re expecting that they’ll arrive on a more regular cadence than in the past.”
Kyncl also talked about WMG’s recently-expanded deal with TikTok, saying that it involves “improved monetisation per MAU that is comparable to other ad-supported DSPs”.
As for the financials, WMG’s revenues for the second quarter of 2023 (its fiscal Q3) were up 9% year-on-year to $1.56bn – a strong performance after a mere 2% rise the previous quarter.
That included 8% growth for its recorded music division and a 16% uptick for publishing. Streaming revenues for recorded music were up 6.3% year-on-year.