WMG head Edgar Bronfman Jr. spoke on Monday at the Convergence 2.0 conference in NYC stating enthusiastically that the label was poised to rebound as it tapped new revenue streams to counter the decline in CD sales.
"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, game ... you name it," he said pointing out that most of these revenue streams are just starting to develop.
COMMENTARY: When comparing WMG's music 2.0 initiatives to those of underdog EMI or leader Universal, it seems that Bronfman & Co. are content to believe that "awesome" growth in new media will save them rather becoming the drivers of that growth. But if the new music business continues to prove anything like the digital and tech sectors, only innovators and not the suits will survive.
Read the full text of Bronfman's speech. (pdf)