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3 major record labels are now bringing in $2.9M per hour, streaming a big reason for that

By May 17, 2023No Comments

The financial performance of the three major music companies, namely Universal Music Group, Sony Music Group, and Warner Music Group, has been a topic of interest for industry insiders and enthusiasts. Well, let’s shed some light on their revenue figures as provided by Music Business Worldwide.

Collectively, the major music companies generated a staggering USD $6.21 billion in the first three months of the year. This equates to an average of approximately $69 million per day or just under $2.9 million every hour. To put it in perspective, these companies collectively earned around $48,000 every minute or $800 per second.

In terms of recorded music revenue, including merchandise and other ancillary revenues, the three majors amassed $5.00 billion during the first quarter of 2023. This translates to an average of approximately $56 million per day or just over $2.3 million every hour. Furthermore, recorded music streaming revenues alone accounted for $3.32 billion of this total. On a daily basis, this amounts to approximately $37 million or $1.5 million per hour. Moreover, every minute, the major music companies earned around $26,000 or $433 per second from recorded music streaming.

While the revenue growth at the major music companies remains healthy, it is not as substantial as the double-digit year-on-year (YoY) increases observed in the past. In calendar Q1, Universal Music Group witnessed a 9.6% YoY revenue growth in recorded music. Similarly, Sony Music Group recorded a 10.5% YoY revenue growth in the same category. Warner Music Group experienced a more modest 2.5% YoY increase in recorded music revenues.

To put it bluntly, the 3 major record labels in Universal Music Group, Sony Music Group, and Warner Music Group are definitely NOT hurting. I wonder how much of that revenue goes to the artists who make these revenue figures happen [sarcasm]?

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