Warner Music Group CEO and chairman Edgar Bronfman Jr.'s interview at the Goldman Sachs Communacopia is worth a listen (if you have 40 minutes or so to spend with it). In the interview with a Goldmann Sachs analyst, Bronfman gave insight into WMG's strategy and priorities. (Click here for webast page at WMG investor relations page.)

On WMG's broader artist contracts that deal with multiple revenue streams: "The one place the strategy has evolved is essentially broadening our revenue stream beyond just a recorded music business into a broader music business. ... We're adding to that the notion of partnering with our artists from day one. We want to partner with our artists in all the revenue streams that are derived from that brand over time. Merchanise. Touring. Management.

How long until these initiatives make an impact on margins and the bottom line? WMG is buying and building those components, Bronfman said, though he didn't want to predict when the changes would hit the bottom line.

About the competitive response to WMG's moves, he said WMG willl do what they will do. Bronfman again emphasized that WMG will not stock its portfolio with only recorded music. LiveNation and Ticketmaster are theoretically competitors, but if WMG adopts the new model it can adapt to the new competitive threat. (One feels he was referring to the reported offer LiveNation has made to current WMG aritst Madonna.)

Bronfman was asked about artist reactions to 360 contracts. "I think it's a mix," he said. "We're focused more on the newer artists and mid-tier artist roster, not so much on the top tier artist roster," at which point WMG would be paying "market rates" and would have lower margins.

One thing that stood out to me was that Bronfman singled out Lala.com as a bright spot for the future of digital music. (Universal has SpiralFrog, EMI went DRM-free with iTunes and WMG is in Lala.com's corner. Funny how everybody puts their weight behind different companies.) WMG is the only major to license its content to Lala.com, and WMG artist James Blunt is now selling an iPod-compatible album download at his MySpace page via a Lala.com widget.

paidContent has more on the interview and emphasizes Bronfman's comments on needing an equity stake in the "MTV of the Internet."

Billboard's Ed Christman has a very good recap of the interview.