The three major labels earning $2.56 million every hour, 37% more than last year

Universal Music Group, Sony Music Group, and Warner Music Group have generated $5.60 billion in the three months to end of June, up by $1.53 billion (or +37.6%) on the same period of last year, Music Business Worldwide calculates. That $5.60 billion turnover equates to the three majors cumulatively generating $61.5 million per day in the year’s second quarter – or, in turn, $2.56 million every hour. In the first six months of 2020, the three major music companies generated $10.91 billion – putting them firmly on course for a cumulative $20 billion year.