Warner Music Group posted its financial results for the fourth quarter and the fiscal year, and streaming played a large part in the company’s strong results. For the fourth quarter, total revenue increased 12.1% and digital revenue rose 23.1%. Warner did post a loss for that period, but it was $3 million rather than $23 million in the year-ago period. Total revenue for the full fiscal year grew 9.4%, or 13.1% in constant currency. Warner also generated net income of $30 million for the year, reversing last year’s net loss of $88 million.
Digital revenue increased 21%, or 24.3% in constant currency, for the year. The label didn’t break out specific numbers for streaming’s contribution, but did acknowledge its role in more general terms. “Digital growth reflects a continuing shift to streaming revenue,” the press release read. That’s a continuing of the quarterly trends for Warner’s streaming performance. Its streaming revenue grew 45% on-year in Q3 and was the top revenue source in Q2.