Warner Music Group Corp. (NASDAQ:WMG) Q2 2024 Earnings Call Transcript

Robert Kyncl : And on the content rights market, as we, I think, first or second question was around capital allocation and M&A, etc. And Bryan answered and saying, look, we’re looking at lots of different content rights, as well as technology solutions that augment our built in-house roadmap. And on the content rights piece, there’s a lot of opportunities. The pipelines of deals that we’re maintaining are pretty significant. It is more than we can even afford today. And therefore, we’re very diligent about what we go after and the returns that we can yield from that. And it’s all around the world. So there are lots of different opportunities, and we expect those to continue and perhaps even increase because there have been many buyers in the past who may need to make changes in their portfolios.

Bryan Castellani : Yeah, and Stephen, I would just add to that. I mean, there’s a bit of a double-edged sword there in terms of higher rates making it more rigorous. I think you’re also seeing a maturation or rationalization across buyers in the market, but also that the interest and the pricing just speaks to the value of music. And I think it’s just an attractive space. And so, you know, as Robert said, we still see runway there in our ability to invest.

Stephen Laszczyk : Got it. Thank you, both.

Robert Kyncl : Okay. So I think that’s it with all the questions. I really appreciate your time. Thank you for all your questions. And please do not forget to go to your favorite DSP and listen to Randy Travis and his song, Where That Came From, which was generated with AI, with Randy’s permission, with his producer from his entire life. And it’s just a wonderful, wonderful collaboration and example of what’s possible with AI. Thank you.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.