The global giant’s recorded music division enjoys a 14% spike in revenue, with streaming accounting for 65% of earnings. Publishing also gains.
As streaming growth slows in mature markets, the majors are increasingly looking to labels, catalogs and services in emerging markets overseas.
The band's lucrative publishing catalog was not included in the current deal, sources confirm. Billboard estimates how much it could fetch.
The company's recorded music division saw a 26% spike in revenue, despite a dip in sales for physical music.
The company tells the tech industry in a letter that "unauthorized use" of its music to train AI models "infringes our intellectual property"
The deal, which is likely worth at least $600 million, includes half of the late star's publishing and recorded masters catalog.
The CEO of Sony Music's artist services unit talks working with The Orchard, bespoke deals and what they look for in an artist: "We’re very opinionated about music."
While some major labels are touting YouTube as an important partner in the evolving world of music and AI, not everyone in the industry has been as enthusiastic about these new efforts.
With physical sales down 2%, streaming grew its total recorded music revenue share to 69% on the quarter.
Co-founders Matt Pincus and Ron Perry have been bought out of their stakes in the label, sources say.
