Warner Music Group CEO Robert Kyncl has singled out Burna Boy and Dua Lipa as key drivers of the company’s strong second-quarter performance, which saw total revenue reach $1.554 billion.
The two artists were praised for their significant contributions to the company’s success, particularly in streaming revenue.
Meanwhile, Kyncl highlighted the impact of Burna Boy and Dua Lipa’s projects on Warner Music Group‘s Q2 performance. He noted that they, along with a few other artists, played a crucial role in driving growth. Also, he emphasized the importance of streaming in amplifying an artist’s entire catalog, stating that newly released hits have a “halo effect” on an artist’s existing music.
Additionally, the company‘s recorded music revenue saw a slight 1.1% year-on-year decrease, but streaming revenue grew 10.2% to $863 million, with subscription streaming up 13.7% to $640 million. Also, Warner Chappell Music, the company’s publishing arm, also saw an 8.9% year-on-year increase in revenue, generating $305 million.
Furthermore, Burna Boy’s contribution to Warner Music Group‘s success marks a significant milestone for African artists, who are increasingly making their mark on the global music industry. Lastly, with Tyla’s debut album also contributing to Sony’s $1.92 billion Q2 performance, it’s clear that African music is on the rise.
