Daily News Briefing: Music, Tech, and Africa (05/11/22)
Warner Music Group Corp. Reports Results for Fiscal Second Quarter Ended March 31, 2022
Total revenue grew 10% or 13% in constant currency
Digital revenue grew 8% or 11% in constant currency
Net income was $92 million versus $117 million in the prior-year quarter
OIBDA increased 12% to $255 million versus $228 million in the prior-year quarter
Adjusted OIBDA increased 7% to $274 million versus $255 million in the prior-year quarter
Adjusted EBITDA increased 5% to $282 million versus $268 million in the prior-year quarter
Source: Warner Music Group
Sony Music Entertainment Posts 10% Revenue Increase for Q1 2022 as Annual Streaming Growth Hits 37%
Sony Music Entertainment (SME) turned in a roughly 10.16 percent year-over-year revenue increase during Q1 2022 due in large part to an 18.90 percent YoY jump for recorded music’s streaming income, which achieved a 37.16 percent YoY hike during the entirety of the 2021 fiscal year.
Source: Digital Music News
Audacy Reports First Quarter Results
Net revenues for the quarter were $275.3 million, up 14% compared to $240.8 million in the first quarter of 2021
Core spot revenues were $173.9 million, up 14% compared to the first quarter of 2021
Digital revenues were $58.0 million, up 16% compared to the first quarter of 2021
Total operating expenses for the quarter were $266.8 million, compared to $249.0 million in the first quarter of 2021
Operating income for the quarter was $8.5 million, compared to an operating loss of $8.2 million in the first quarter of 2021
Adjusted EBITDA for the quarter was $26.0 million, up 152% compared to $10.3 million in the first quarter of 2021
Source: Business Wire
DistroKid beta tests a music video distribution service
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Music distributor DistroKid has a new off-shoot: DistroVid. As the name suggests, it’s focusing on music videos rather than audio tracks. The company hopes artists will pay $129 a year to distribute as many music videos as they like to platforms including Apple Music, Vevo, Amazon Music and Tidal, while keeping 100% of the earnings.
Source: DistroKid
Boomplay has partnered with Soundiiz and FreeYourMusic
You can now use Soundiiz or FreeYourMusic to transfer your data from other DSPs to Boomplay.
Source: Soundiiz, FreeYourMusic
YouTube celebrates Africa Month, affirms commitments to creators, music industry in Africa
YouTube has announced a series of events to run throughout the month of May in celebration of Africa month.
The events are intended to reaffirm the platform’s commitment to growing Africa’s creator ecosystem, to spotlight, and celebrate artistes and creatives who are driving the growth of Afrobeats and Africa’s music industry.
Source: The Guardian NG
Spotify adds 6 Megastars to its RADAR Africa Program
Spotify today announced six African artists joining RADAR – the music streaming giant’s program dedicated to the spotlight and discovery of emerging artists across the world.
The full list of artists from Ghana, Kenya, Nigeria and South Africa includes DBN GOGO, Ayra Starr, Black Sherif, Victony, BNXN and Buruklyn Boyz.
Source: techbuild.africa
Tems becomes first Nigerian artist to debut at No.1 on Billboard Hot 100
Temilade Openiyi, better known as Tems, a Nigerian superstar, has become the first Nigerian artist in history to debut at No. 1 on the Billboard Hot 100.
Tems has two songs on Billboard's top ten list, including one at number one, in less than a year.
Source: Pulse KE