Streaming revenue at Warner Music Group (WMG) has overtaken downloads for the first time in the company’s history, new figures have revealed.
WMG made the announcement in its financial results for the second fiscal quarter, ending March 31 2015.
According to the company, its recorded music streaming revenue increased by 33 percent when compared with the same three month period in 2014. It means that the division received more revenue from streaming than downloads. Total digital revenues reached $297m (£189m), up $2m on the same quarter last year.
Stephen Cooper, Warner Music Group’s CEO, said: ‘We experienced significant revenue growth this quarter across key segments of our business - in particular recorded music, across the US and international and across digital and physical - capping off a strong first half of our fiscal year.
‘Notably, in this quarter we saw continued growth in streaming revenue which surpassed download revenue for the first time in the history of our recorded music business. Our commitment to being at the forefront of industry change as well as our ongoing investment in artist development is the foundation of our continued success.’
Overall total revenue grew by four percent to reach $677m (£430m). The company saw growth in all revenue streams of its recorded music business, other than artist services and expanded-rights revenue which declined 11.3 percent.
WMG made the announcement in its financial results for the second fiscal quarter, ending March 31 2015.
According to the company, its recorded music streaming revenue increased by 33 percent when compared with the same three month period in 2014. It means that the division received more revenue from streaming than downloads. Total digital revenues reached $297m (£189m), up $2m on the same quarter last year.
Stephen Cooper, Warner Music Group’s CEO, said: ‘We experienced significant revenue growth this quarter across key segments of our business - in particular recorded music, across the US and international and across digital and physical - capping off a strong first half of our fiscal year.
‘Notably, in this quarter we saw continued growth in streaming revenue which surpassed download revenue for the first time in the history of our recorded music business. Our commitment to being at the forefront of industry change as well as our ongoing investment in artist development is the foundation of our continued success.’
Overall total revenue grew by four percent to reach $677m (£430m). The company saw growth in all revenue streams of its recorded music business, other than artist services and expanded-rights revenue which declined 11.3 percent.
