Major labels earn extortionate first quarterly profits in 2017
With some controversy often surrounding how the money generated through music is split between artists, labels, publishers, managers, etc., it always seems like everyone wants a bigger slice of the pie. However, according to a recent MusicBusinessWorldwide report, the trio (Major labels) of Universal, Sony and Warner’s recorded music divisions cumulatively generated $1.13bn from streaming in the three months between January to March this year.
This jointly works out at nearly $9,000 every minute, $523,000 every hour, and $12.5m per day. Universal Music Group boasted a 44% market share of this money, thanks to the $498m it earned from streaming services like Spotify and Apple Music in this first quarterly period. Whilst Sony followed in close pursuit with a turnover of $332m respectively, and Warner also punched above its weight with $300m in streaming cash as they represented 27% of the total pie.
The overall figures show a significant increase in the revenue earned through music streaming, with more growth for expansion as more and more listeners begin to pay for premium streaming accounts.