Warner streaming revenue continues to boost quarterly results

Warner Music Group posted is Q2 financial results. Quarterly revenue for the major label totaled $825 million, up 11% from $745 million in the year-ago period. Digital revenue rose 21.9% to secure a 53.2% share of Warner’s total quarterly revenue with $400 million. That result marks the first time that digital has been more than half of the label’s quarterly revenue. According to its SEC filings, streaming was responsible for $300 million in revenue during the quarter.

“Our streaming revenue is now double that of physical and triple that of downloads,” CEO Steve Cooper said. Physical sales declined 6% and download revenue fell 17.4%.

Warner recently signed a licensing agreement with YouTube. The move could further Warner’s digital revenue, even though the label had some concerns about collaborating with the online video service.

Be Sociable, Share!

Anna Washenko

Leave a Reply

Your email address will not be published. Required fields are marked *