Lisa Yang has officially left Goldman Sachs for Warner Music Group (WMG). After 16 years at the bank, she now steps into the role of Executive Vice President, Global Head of Strategy. The move highlights WMG’s push to strengthen its leadership as the music industry enters a new growth phase.
From Goldman Sachs to Warner Music Group
Yang announced the news on October 20 through LinkedIn. At Goldman, she served as Managing Director of Media & Internet within Global Investment Research. She also launched the Music In The Air report, which became a must-read for executives worldwide. For more than a decade, her analysis shaped how the industry viewed streaming, publishing, and live music.
Now at WMG, Yang reports directly to Michael Ryan-Southern, another Goldman alum who leads mergers and acquisitions in New York. Their combined expertise signals Warner’s focus on strategy and deal-making. In fact, Goldman’s latest Music In The Air report, published in June, forecasts the global music market will nearly double by 2035. The report projects growth from $104.9 billion in 2024 to $196.8 billion in 2035. Streaming remains the key driver, with paid subscribers expected to reach 827 million in 2025 and more than 1.5 billion by 2035.
Monetizing the Artist-Fan Relationship
In addition to financial growth, Yang stresses the need for deeper fan engagement. In a 2023 interview with Music Business Worldwide, she argued that the industry must expand beyond streaming. “The industry should [consider] how it can better leverage the entire artist-fan relationship,” she said. She pointed to pre-release access, ticketing, merchandising, and virtual concerts as ways to monetize every touchpoint.
As a result, Yang’s arrival at WMG is more than a career milestone. It reflects a broader shift in how major music companies plan for the future. With her track record and forward-looking vision, Warner is well-positioned to capture both financial growth and new opportunities in fan engagement.
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