Warner Music Group, helped by strong growth in its Warner Chappell Music publishing segment, improved its revenue 12.1% at constant currency (6.9% as reported) to $1.42 billion in the fiscal third quarter ended June 30, the company announced Tuesday (Aug. 9). Adjusted earnings before interest, taxes, amortization and depreciation decreased 7% to $263 million.
The videogame industry is seeing a sharp slowdown in growth as people are going out again after a pandemic-fueled spurt of spending on game software, hardware and accessories. Industry executives and analysts say the easing of the health crisis is a leading factor. They also pointed to rising prices for essential goods, the war in Ukraine and a dearth of new blockbusters as other causes for the deceleration.
In the age of streaming, where content access is near bottomless, how much content is enough? How long is that tail? And what do we do with the slightly older stuff no one is looking for or watching? Maybe the movie business can, once again, take a page from the music industry, where some artists have retaken control of their masters from labels 35 years after the original recording.
Congress is set to depart for its August recess soon without acting on a bipartisan antitrust bill targeting the largest U.S. technology companies. Senate Majority Leader Chuck Schumer (D., N.Y.) plans to hold a vote on the legislation when Congress returns this fall. But the shrinking number of legislative days available plays to the advantage of the tech companies, which can declare victory if Congress doesn’t act.
Five years almost to the day after it began, Hollywood’s evangelistic fervor for streaming has been extinguished this week by the “Batgirl” imbroglio. Warner Bros. Discovery’s decision to scrap the completed DC Comics film that was bound for HBO Max marks the boldest example of Old Media economic rigor being applied to contemporary content spending.
Reservoir Media posted a double-digit revenue hike during Q2 2022 as sync and digital turned in material year-over-year gains. Per the breakdown, the aforementioned $24.3 million in total revenue marks a 46 percent YoY boost when also factoring for income from acquisitions Reservoir’s made in the interim; the business is said to possess some 140,000 copyrights and 36,000 masters.
Music industry veterans Hank Forsyth and Dan McCarroll are teaming up with Carlyle Global Credit to launch a venture called Litmus Music. New York-based Litmus says that it will focus on acquiring and managing both publishing and recorded music rights, with Carlyle Global Credit committing an initial $500 million to do so.
A migration of Oxford University Press‘ books as well as journals to the online platform Oxford Academic announced Wednesday (August 3) is expected to “further streamline access to high-quality scholarly content,” according to media messaging. At this point, the company writes, more than 42,000 books and more than 500,000 chapters have been uploaded to the site, which already hosts some 500 journals and roughly 3 million articles.
There’s another legal battle brewing between a major video platform and a Grammy winner, and this one has nothing to do with Bridgerton. On August 1, A California judge denied YouTube‘s request to throw out a 2020 lawsuit filed by jazz musician Maria Schneider. The suit, which argues that YouTube fails to protect smaller creators from infringement, will now be allowed to move forward.
A week after a marathon hearing, magistrate judge Valerie Figueredo found no direct evidence of a conspiracy to fix e-book prices and eliminate retail competition, and recommended the case be tossed. At the July 27 hearing, lawyers for Amazon and the Big Five publishers insisted the suits were an ill-fated fishing expedition in the wake of the publishers’ 2012 price-fixing conspiracy with Apple.