3 major record labels are now bringing in $2.9M per hour, streaming a big reason for that

The financial performance of the three major music companies, namely Universal Music Group, Sony Music Group, and Warner Music Group, has been a topic of interest for industry insiders and enthusiasts. Well, let's shed some light on their revenue figures as provided by Music Business Worldwide.

Collectively, the major music companies generated a staggering USD $6.21 billion in the first three months of the year. This equates to an average of approximately $69 million per day or just under $2.9 million every hour. To put it in perspective, these companies collectively earned around $48,000 every minute or $800 per second.

In terms of recorded music revenue, including merchandise and other ancillary revenues, the three majors amassed $5.00 billion during the first quarter of 2023. This translates to an average of approximately $56 million per day or just over $2.3 million every hour. Furthermore, recorded music streaming revenues alone accounted for $3.32 billion of this total. On a daily basis, this amounts to approximately $37 million or $1.5 million per hour. Moreover, every minute, the major music companies earned around $26,000 or $433 per second from recorded music streaming.

While the revenue growth at the major music companies remains healthy, it is not as substantial as the double-digit year-on-year (YoY) increases observed in the past. In calendar Q1, Universal Music Group witnessed a 9.6% YoY revenue growth in recorded music. Similarly, Sony Music Group recorded a 10.5% YoY revenue growth in the same category. Warner Music Group experienced a more modest 2.5% YoY increase in recorded music revenues.

To put it bluntly, the 3 major record labels in Universal Music Group, Sony Music Group, and Warner Music Group are definitely NOT hurting. I wonder how much of that revenue goes to the artists who make these revenue figures happen [sarcasm]?