TikTok recently had many artists removed from their platform by record companies. Regarding Warner Music, the CEO, Robert Kyncl, said he feels good about the deal they have with the platform.
THR reports that he's happy with them and believes Universal Music Group will come to an agreement soon. He spoke about TikTok and the first-quarter earnings for Warner Music.
Warner Music first-quarter earnings
Warner Music had a nice first quarter and suggests TikTok helps.
This comes in light of a pretty massive net income of $193 million. In comparison, $124 million was earned the year prior, with $1.78 billion in revenue. It's up 17 percent year after year.
Kyncl said, “I'm always very confident in the deals that we do. We don't follow other companies. We don't do carbon copies of other deals, we do our own, which is why we did the one last year.”
He added, “Our deal was very difficult too, but we got there and, for us, it was fair, but it was a year ago. It was also a different time. So I don't know what is driving Universal's positions, but if there's any way we can help them, we will, all of us, and I'm confident they'll sort it out.”
Universal yanked music from TikTok last month after a failed agreement on licensing.
TikTok helps Warner Music
According to CFO Bryan Castellani, TikTok seems to have helped music in general. He said, “We like our TikTok deal, and it continues to be a driver of growth.”
Kyncl added that, “WMG is a thriving company in a unique and growing industry we're in a position of strength at a pivotal moment in the music business. And that's the smart time to change, innovate, and lead. Yesterday we announced the plan to free up more funds to invest in music and accelerate our growth for the next decade. To do that, we have to make thoughtful choices about where we put our people, resources and capital.”
Follow Us
Subscribe