Warner Music Should Be a Prime Beneficiary of a Growing Streaming Music Industry

Warner Music is the third-largest of the three major record companies, and it should be a primary beneficiary of the ongoing growth we expect throughout the music industry. We believe record labels will remain integral to maximizing recording artists’ earnings, and the moats the major record companies have should enable them to maintain relationships with current stars and continually sign the next generation of talent while also maintaining control of legacy songs and recordings for many years.