Total revenue for the third fiscal quarter fell 1% as BMG's distribution deal rolls off and physical recorded music sales and merchandise fall.
The decrease, though better than the same quarter last year, contributed to an overall 3% decline in the company's quarterly revenues.
Spotify's CEO expects record-high payouts to record labels and publishers in 2024 and says a new premium music offering could cost $17-$18 a month.
The streaming giant said it added 1 million more subscribers than forecast for the second quarter, boosting revenue and profit margins.
CEO Golnar Khosrowshahi said the company, which beat full-year guidance, expects a boost from “a regular cadence of price increases” from music subscription services.
Sony Music intends to look for growth in emerging markets and adjacent businesses such as merchandising, said Hiroki Totoki, president, COO and CFO at Sony Corp.
Dolan also suggested The Eagles will perform at the Las Vegas venue, although no official announcement has been made.
The biggest radio company in the U.S. is mired in an uncertain advertising market, although the 2024 elections will provide a boost.
The NYC-based company says its venues hosted more than 1.5 million guests at over 200 events in its fiscal third quarter.
Hits from Teddy Swims, Benson Boone and Megan Thee Stallion help drive 11% growth in recorded music streaming revenue.
