Warner Music Group announced the introduction of “legacy unrecouped advances program”, which took effect on July 1, 2022.
In the WMG statement issued in February 2022, the world’s third-largest music rights company said: “[We’ve] announced a legacy unrecouped advances program where, for our artists and songwriters who signed to us before 2000 and didn’t receive an advance during or after 2000, we won’t apply their unrecouped advances to royalty statements for any period beginning July 1, 2022, or after.”
Warner has now provided an update on its legacy unrecouped advances program, revealing that the program saw around 4,500 artists and related producers benefit globally in its first year. The company says it expects this number to grow “as we connect with all eligible participants”.
Additionally, WMG says that it has “also begun to reach out to Warner Chappell Music (WCM) songwriters who could benefit from this program, with over 1,600 accounts eligible globally”.
The updates were included in the WMG’s 2022 Environmental, Social, Governance (ESG) report, which shares progress in areas including employee experience, social impact, diversity, equity, and inclusion (DEI), and climate change while setting new targets for 2023 and beyond.
WMG’s ESG report (published January 26) coincides with the company’s CEO transition and was introduced by WMG’s new CEO Robert Kyncl and outgoing CEO Steve Cooper.
Commenting on the report, Robert Kyncl said: “Music is a powerful and positive force, and WMG is filled with passionate change-makers and champions of culture.
“This report highlights the strong foundation for the company’s continued evolution that’s been built under Steve’s leadership.
“As we chart the next phase of our long-term growth, we’re committed to our ESG efforts as a critical part of our plan for WMG as a more dynamic, inclusive, and sustainable company.”