Coolfer reports today on Warner Music Group's successful September, during which it pulled ahead of Sony BMG to have the second-highest marketshare of giant music conglomerates. But how long is WMG's luck likely to last?
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First, Edgar Bronfman, now his right-hand man, Lyor Cohen. You'd actually think that Warner Music Group was a successful organization in the midst of a growth industry, the way they're handing out raises to executives around there. While it's not an especially good time to be a WMG employee, if you're Lyor Cohen, Chairman and CEO, everything's coming up golden parachutes and roses.
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Talk about a buried lede: The industry insiders at HITS Daily Double decide to write about Alex Zubillaga's exit from the sinking ship that is the Warner Music Group, information that is news to a select group of people. As WMG head Edgar Bronfman's brother-in-law, Zubillaga's departure is a little strange, and the fact that neither Bronfman nor Lyor Cohen's deals have been extended past their expiration a year from now is also interesting. But the real news comes a bit further down the page: When the higher-ups at WMG purchased Roadrunner Records, they "forgot" to check the contract of the band they bought the entire label for in the first place, and who they're now trying to negotiate with in a last-ditch effort to make good on their investment.
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Last month, stock analyst Rich Greenfield said that shares in Warner Music Group were worth a mere $7.50, thanks to consumers viewing music as "just above dust bunnies" in the "worth" department. The stock plummeted, and yesterday Greenfield downgraded the stock's price again, saying specifically that reduced floorspace in big-box stores will hurt the recorded-music business even more.
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