Warner Music Group posted financial results for the first quarter, marking a strong start for streaming in the new fiscal year. The company reported revenue up 8% to $917 million for the period ending Dec. 31, 2016, however, net income declined 14% to $24 million for the period.
At 48.4%, digital sources are now responsible for nearly half of Warner’s total revenue. Digital revenue increased 27.6% over the year-ago period. “While streaming continues to drive industry growth, we are outperforming the market thanks to extraordinary music from our artists coupled with first-class execution from our operators around the world,” CEO Steve Cooper said.
The company did not give any specific numbers about the financial impact from streaming. However, in Q2 last year, Warner did recognize that streaming was its top source of revenue.