Warner Music Group Corp selected Robert Kyncl as CEO on Wednesday, succeeding the outgoing YouTube business head as the record giant seeks to expand its revenue streams.
Kyncl will succeed Warner Music’s longest-serving CEO, Steve Cooper, who is slated to leave the firm at the end of next year. Kyncl, who will begin his new post on January 1, announced his departure from the Alphabet Inc business last month after 12 years at YouTube. He was previously the vice president of programming at Netflix Inc.
The move comes as the music business seeks to expand beyond streaming by partnering with ad-supported social media sites such as TikTok and YouTube after seeing a revenue surge during the pandemic-induced lockdowns, the industry now confronts threats from increasing inflation, which has begun to hurt customers’ budgets.
Shares of Warner Music, the label behind musicians such as Ed Sheeran, Lizzo, and Dua Lipa, have fallen 40% this year and are trading near their 2020 IPO price.