Warner Music Group
Warner Music Group Corp.[7] (d.b.a. Warner Music Group, commonly abbreviated as WMG) is an American multinational entertainment and record label conglomerate headquartered in New York City. It is one of the "big three" recording companies and the third-largest in the global music industry, after Universal Music Group (UMG) and Sony Music Entertainment (SME). Formerly part of Time Warner (now Warner Bros. Discovery), WMG was publicly traded on the New York Stock Exchange from 2005 until 2011, when it announced its privatization and sale to Access Industries.[8] It later had its second IPO on Nasdaq in 2020, once again becoming a public company.[9] With a multibillion-dollar annual turnover, WMG employs more than 3,500 people and has operations in more than 50 countries throughout the world.[10]
Warner Music Group
- Warner Bros. Records (1958–1967, 1970–1971)
- Warner Bros.-Seven Arts (1967–1970)
- Kinney Record Group International (1970–1972)
- Warner-Elektra-Atlantic (1972–1991)
- Warner Music (1991–2001)
April 6, 1958
Worldwide
US$5.919 billion (2022)
US$0.714 billion (2022)
US$0.555 billion (2022)
US$7.828 billion (2022)
US$0.168 billion (2022)
5,900 (2021)
Access Industries (86.3% equity interest, 99.2% voting power)[3]
The company owns and operates some of the largest and most successful labels in the world, including Elektra Records, Reprise Records, Warner Records, Parlophone Records (formerly owned by EMI), and Atlantic Records. WMG also owns Warner Chappell Music, one of the world's largest music publishers.
Since August 2, 2018, WMG has expanded its business to digital media operations through its acquisition of Uproxx.
History[edit]
1950s and 1960s[edit]
The film studio Warner Bros. had no record label division at the time one of its contracted actors, Tab Hunter, scored a No. 1 hit song in 1957 for Dot Records, a division of rival Paramount Pictures. In order to prevent any repetition of its actors recording for rival companies, and to also capitalize on the music business, Warner Bros. Records was created in 1958.[11][12] In 1963, Warner purchased Reprise Records, which had been founded by Frank Sinatra three years earlier so that he could have more creative control over his recordings.[13] With the Reprise acquisition, Warner gained the services of Mo Ostin, who was mainly responsible for the success of Warner/Reprise.[14]
After Warner Bros. was sold to Seven Arts Productions in 1967 (forming Warner Bros.-Seven Arts), it purchased Atlantic Records, founded in 1947 and WMG's oldest label (until WMG completed its acquisition of Parlophone in 2013), as well as its subsidiary Atco Records. This acquisition brought Neil Young into the company fold, initially as a member of Buffalo Springfield. Young became one of Warner's longest-established artists, recording both as a solo artist and with groups under the Warner-owned Atlantic, Atco, and Reprise labels. Young also recorded five albums for Geffen Records during that label's period of Warner distribution. The Geffen catalogue, now owned by Universal Music Group, represents Young's only major recordings not under WMG ownership.
Atlantic, its subsidiary Atco Records, and its affiliate Stax Records paved the way for Warner's rise to industry prominence. The purchase brought in Atlantic's lucrative back catalogue, which included classic recordings by Ray Charles, the Drifters, the Coasters, and many more. In the mid-1960s, Atlantic/Stax released a string of landmark soul music recordings by artists including Booker T & the MGs, Sam & Dave, Wilson Pickett, Otis Redding, Ben E. King, and Aretha Franklin. Ultimately, the sale led to Stax leaving Atlantic because Seven Arts Productions insisted on keeping the rights to Stax recordings. Atlantic moved decisively into rock and pop in the late 1960s and 1970s, signing major British and American acts including Led Zeppelin, Cream, Crosby Stills & Nash, Yes, Emerson, Lake & Palmer, Genesis, Average White Band, Dr. John, King Crimson, Bette Midler, Roxy Music, and Foreigner.
In 1969, two years after being purchased by Seven Arts, the Warner Bros.-Seven Arts company was sold to the Kinney National Company. In mid-1972, Kinney Music of Canada, Ltd. was renamed WEA Music of Canada, Ltd. (French: WEA Musique du Canada, Ltée) as the Canadian branch of the WEA (Warner, Elektra, Atlantic) company – a division of Warner Communications Inc. Founder and president Ken Middleton ran the Canadian company until his retirement in 1982. The name remained until 1989, when in 1990, it became Warner Music Canada Ltd – a subsidiary of the US-based Warner Music International. Warner Communications CEO Steve Ross led the group through its most successful period until his death in 1992.
An earlier attempt by Warner Bros. Records to create an in-house distribution arm in 1958 did not materialize. So in 1969, Elektra Records boss Jac Holzman approached Atlantic's Jerry Wexler with the idea of setting up a joint distribution network for Warner, Elektra, and Atlantic. An experimental branch was established in Southern California as a possible prototype for an expanded operation.[15]