Bronfman Upbeat At Tech Conference
September 18, 2007 at 5:34 AM (PT)
WARNER MUSIC GROUP Chairman EDGAR BRONFMAN, JR. offered an incredibly upbeat forecast for the recorded music sector on MONDAY despite calls for serious downturns ahead, reports DIGITAL MUSIC NEWS,
During a discussion at the conference CONVERGENCE 2.0 in MANHATTAN, BRONFMAN acknowledged the seriousness of the current industry depression, but rallied around emerging formats. "Almost every core operating principle in the recorded music business has been shaken or challenged," BRONFMAN conceded. But the label honcho was quick to highlight opportunities from newer arenas, particularly those related to online and mobile formats, international markets and artist relationships.
Almost every core operating principle in the recorded music business has been shaken or challenged.
Indeed, the consumer appetite for music has never been larger, and emerging formats are showing aggressive growth. "The growth in the sale of music on the Internet and via mobile devices has been awesome, and there is a lot more to come: in video content, ringtones and bundling: albums, tracks, concert tickets, video, merchandise, games ... you name it," BRONFMAN enthused.
"While it may take some time for the rise in all the new revenue streams to overtake the short-term effect of the decline in the CD, there is no doubt in my mind that the mid-to-long-term future for WARNER MUSIC is very bright indeed," he added.
WMG Acquires Taisuke
BRONFMAN annouced at the conference that WARNER MUSIC has acquired a 70% interest in Japanese music management firm TAISUKE.