Warner Music appoints YouTube chief Kyncl as CEO

YouTube Chief Commercial Officer Robert Kyncl delivers a keynote speech at the 2016 CES trade show on January 7, 2016 in Las Vegas, Nevada. REUTERS/Steve Marcus

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Sept 21 (Reuters) – Warner Music Group Inc (WMG.O) on Wednesday named Robert Kyncl its chief executive, handing the reins to the outgoing head of YouTube’s operations over the Record companies want to diversify their revenue streams.

Kyncl will replace Warner Music’s longest-serving chief executive, Steve Cooper, who is leaving the media company late next year.

Kyncl, who will take on the new role starting in January. 1, announced his resignation from Alphabet Inc (GOOGL.O) last month after 12 years at YouTube. Before that, he was vice president of content at Netflix Inc (NFLX.O).

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The move comes as the music industry seeks growth beyond streaming by signing deals with ad-supported social media platforms such as TikTok and YouTube.

The industry has enjoyed a revenue boom during the pandemic-induced lockdown, but the industry faces the risk of a surge in inflation that has begun to squeeze consumers’ wallets.

Shares of Warner Music, the brand behind artists such as Ed Sheeran, Lizzo and Dua Lipa, have fallen 40% this year and are now trading near their 2020 IPO price.

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Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta

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