Saturday, August 13, 2022
HomeBusinessWarner Music Group's UK arm hits high note with £44m dividend

Warner Music Group's UK arm hits high note with £44m dividend


Warner Music Group’s UK arm paid bumper £44m dividend to its US parent last year after string of hits sent earnings soaring

Warner Music Group’s UK arm paid a bumper £44million dividend to its US parent last year after a string of hits sent earnings soaring. 

The music giant saw big-name artists including Dua Lipa, Ed Sheeran and Bruno Mars release blockbuster hits in the period. 

Demand could surge this year too after Covid restrictions were dropped and stars such as Rita Ora have been able to arrange live gigs. 

Major star: Singer Rita Ora is one of Warner’s most popular artists

Major star: Singer Rita Ora is one of Warner’s most popular artists

Warner, which is the third-largest recording group in the world behind Universal Music and Sony, discovered artists including Led Zeppelin and Aretha Franklin. 

It is also a major publishing force, with the rights to music by artists including David Bowie, Madonna and Iron Maiden. 

The global business, which traces its origins back to Chappell & Co in 1811, saw revenues rise 19 per cent to £4.4billion last year. 

Last month, it revealed longtime chief executive Steve Cooper is planning to step down next year. The 75-year-old has been in the role since 2011 and steered the £11billion company through a float on Nasdaq in June 2020. 

Cooper has insisted music streaming – Warner’s largest source of revenue – remains robust despite the downturn in demand for video streaming services such as Netflix. 

Digital revenue accounts for about two-thirds of the parent company’s total sales.

Advertisement

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments