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Warner posts 45% streaming revenue growth for Q3

wmg logo canvasThe latest quarterly earnings release is from Warner Music Group, and streaming revenue continues to be a standout for the label. Its third-quarter results included a 45% on-year increase to streaming revenue to reach an estimated $230 million. All digital revenue rose 19% to $348 million out of the company’s $680 million total recorded music revenue for the period.

“Streaming revenue for the quarter was about double the size of download revenue, and was meaningfully larger than physical revenue,” CEO Steve Cooper said. However, he did not share an exact dollar figure for streaming’s contribution. This is a new trend for Warner, which also declined break out streaming revenue totals for its second quarter. But it is accounting for a big chunk of the performance. “Over the last five years, given our early embrace of streaming, it has grown from an insignificant portion of digital sales to our largest single source of revenue for the second quarter running,” Cooper added.

Anna Washenko

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