The Music and Recording Business by Geoffrey Hull & Thomas Hutchison & Richard Strasser

Author:Geoffrey Hull & Thomas Hutchison & Richard Strasser
Language: eng
Format: epub, pdf
Tags: Arts
Publisher: Taylor & Francis
Published: 2010-10-28T16:00:00+00:00

Warner Music Group

Warner Music Group (WMG) became the largest stand-alone music company when it was purchased from Time Warner in 2004 by a private investing group. The group took it public in 2005. In 2008 revenues were about $3.5 billion. Income from the recorded music division accounted for about 72 percent of income (before corporate expenses and write-offs) in 2008—a number very similar to Universal’s. WMG’s two main divisions are recorded music and music publishing.

Warner Brothers records began as the music division of Warner Brothers film company to control music interests for its film productions in the 1920s. In the depression of the 1930s Warner sold off its music publishing interests. In 1958 it reformed its music publishing and record labels, primarily to promote and sell its film and television related music. Warner Brothers had early 1960s success with the Everly Brothers and Bill Cosby comedy recordings and bought Frank Sinatra’s MOR label, Reprise, in 1963 and1965 (they purchased the label in halves). In 1967 Warner Brothers purchased Atlantic Records and was in turn purchased by 7 Arts. In 1969 the Kinney Corporation (not the shoe company, but a building services, construction, and parking company) purchased 7 Arts and changed its name to Warner Communications, Inc. With the addition of the Elektra Records label purchased in 1970, Warner/Elektra/Atlantic Distribution (later just WEA Distribution) was formed. In 1987 Warner/Chappell Music was acquired and the parent company merged with print publishing giant, Time, Inc., to create Time Warner. The company continued to grow with the acquisition of Rhino Records in 1998 and Word Entertainment (the Christian music group) in 2001. In 2000 Time Warner merged with America On Line. But the expected synergy of a total multi-media company did not materialize. WMG was spun off Time Warner in 2003 and AOL was spun off in 2009.

WMG consists of the labels Warner/Chappell Music Publishing, an Artist Services division, and WEA Inc., the branch distribution system. In 2003 WEA sold its manufacturing division to a Canadian hardware manufacturing company, Cinram, for $1.05 billion. Like Universal, WMG has organized its labels into subgroups. The Atlantic Group includes the labels Atlantic Records, Atlantic Nashville, Elektra Records, and Roadrunner Records. The Independent Label Group (ILG) includes East West Records, Rykodisc, and Cordless Recordings. Warner Brothers includes Warner Brothers Records, Asylum Records, Nonesuch Records, Reprise Records, Sire Records, Warner Brothers Records Nashville, and Word Record Group. WMG labels are: Warner Brothers, Elektra/Asylum, Atlantic, Atco, Reprise, Rhino, and joint ventures with Maverick, Tommy Boy, and Giant records.

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