Russian music labels increased revenue and profit by 50-60% in 2024%

March 7th. /MEDIA TALK/. Russian music companies have significantly improved their financial results. After the withdrawal of three major international labels from the market: Warner Music, Universal Music and Sony Music, they began to actively expand their businesses.


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According to Kommersant, their revenue and profit increased by 50-60% last year. Among the leaders is the First Music Publishing House, which cooperates with Zivert, Iowa, and Hands Up! The company increased revenue by 53% to 2.6 billion rubles (a record result) and net profit by 58%. Lotus Music, working with Emin, HammAli & Navai and LSP, increased revenue 2.8 times. MTS Label demonstrated an impressive 20-fold increase in revenue and achieved a 68% increase in its catalog volume.

Market participants attribute these results to the growing popularity of streaming services. At the same time, it is assumed that music labels may have renegotiated the terms of cooperation with distributors in their favor, which led to an increase in their share of revenue.