Warner Music Group, one of the globe’s “big three” recording companies, said on Wednesday that it raised more than $1.9bn in an initial public offering that underscores how streaming has re-invigorated the industry.
The Covid-19 pandemic also delayed the company’s IPO, which was originally scheduled for February. However, Tuesday’s IPO reflects how streaming music has revived an industry and also comes amid a decisive upswing in the broader stock market. The company is riding the streaming wave, a major revenue source for record companies and publishers even as artists complain of measly royalties. In April, Warner Music saw a 12% jump in streaming revenue, which accounted for more than half its $4.5bn in revenues in 2019.Film mogul Jack Warner founded the Music Publishers Holding Company to provide cheap access to music for his films in 1929.
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