Major record companies are losing market share on Spotify. But Spotify is gaining market share in Warner’s own revenues.

Spotify, Apple, and YouTube contributed 42% of Warner Music Group’s annual revenues in FY2021 between them
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Why the ’80/20 rule’ will be crucial to Hipgnosis’ mission to buy billions of dollars of music catalogs in 2022 and beyond

Hipgnosis has over $2.5 billion of deals in the pipeline. The question of who’s going to pay for them requires a complex but important answer.
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