Warner Music Group — home to stars like Lizzo, Cardi B, and Led Zeppelin — is finally ready for its IPO
Total revenue from streaming grew almost 20% to about $8.8 billion in 2019, the report said.
Before the pandemic hit, WMG’s IPO announcement was yet another sign of a thriving industry. Universal Music Group, the largest music company in the world, had also been considering an IPO following a 10% stake sale to Chinese company Tencent, UMG parent company Vivendi said earlier this year. Warner’s recorded music business generated $3.84 billion in 2019, according to the company’s prospectus, making up 86% of the company’s revenue.
While the recorded music business is still poised to grow as streaming leaves infancy, the music industry faces a new struggle with COVID-19. WMG lists the impact of the coronavirus as a risk factor in its prospectus. Some of its artists have delayed albums over marketing complications from social distancing measures.
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