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Major labels generate $1 million an hour from streaming services

Music Business Worldwide published the report 

Music Business Worldwide have published a review of the most recent figures from Universal, Sony and Warner, showing that streaming generates over $1 million an hour.

Taken from the corporate numbers in 2019, MBW analysed the music divisions of three major labels: Universal Music Group, Sony Music Group, and Warner Music. The review found that the music divions of each label generated on average $22.9 million every 24 hours last year. The total works out to be around $953k per hour.

The MBW report also noted that in the last quarter of 2019 (Q4), Universal's artists and labels generated over $1 billion from streaming, with Sony pulling in just over $600 million, and Warner generating just shy of that amount at $589 million dollars. This means from streaming alone, the recorded music divisions collectively turned over $1.03 million dollars every hour in Q4.

You can read the full report from Music Business Worldwide via their website here

The Recording Industry Association of America (RIAA) reported that streaming accounted for 80% of recording revenues in the U.S. in 2019.

A report released by the Entertainment Retailers Association (ERA) in January found that sales from music streaming last year exceeded £1 billion in the UK for the first time.