Streaming is more than half of Q2 recorded music revenue for Warner Music Group

Warner announced that it generated $791 million in recorded music revenue during its second quarter ending March 31, up 15% on-year. Streaming was responsible for $415 million of that total, a 38.3% from the results in the same period last year. The spike is enough to secure more than half of the major’s recorded music revenue from streaming. Physical revenue rose, bucking the global trends, reaching $147 million. Its download revenue dipped to $76 million.

The label’s total revenue for the quarter reached $963 million, compared with $825 million in Q2 2017. Digital revenue also rose from $439 million to $547 million. The company posted a net loss of $1 million for the period after a 20 million profit in the year-ago period. The loss was credited to the extinguishing of debts related to the partial redemption of senior notes and higher non-cash tax expenses.

“We’re having another excellent year with strong momentum around the world in both Recorded Music and Music Publishing,” CEO Steve Cooper said. “We’re investing heavily in A&R, digital innovation and the transformation of our operations to ensure that we are positioned for long-term success.”