Warner Music Group reports that streaming is now its largest source of recorded music revenue and claims to be the first major to achieve this.
That's according to WMG CEO Stephen Cooper, who announced the news in the company's second quarter earnings call today.
"Just five quarters ago, streaming was the third-largest revenue source in our recorded music business, behind both downloads and physical," he said. "Today, we are the first major music company to report that streaming is the largest source of revenue in our recorded music business.
"This rapid transformation is evidence of our ability to sign, develop and market artists that thrive in the streaming world. Reaching these achievements is made possible by healthy macro trends in the recorded music industry, as well as tireless execution by our global operators."
WMG's total revenue grew 10.0%, up 13.4% on a constant-currency basis, while digital revenue grew 21.2%, up 25.0% on a constant-currency basis. Recorded Music revenue grew 10.1% (or 13.1% in constant currency).
"A wide range of artists contributed to these results," added Cooper. "Two of our global Top 10 sellers were acts signed to Fueled By Ramen – the edgy Atlantic Records imprint.
"Twenty One Pilots is exploding around the world, with their latest hit single, Ride, going to the top of the US Alternative Songs chart. Their current album, Blurryface – which debuted at No.1 on the Billboard 200 last June - spent nearly the entire quarter in the Top 10. In addition, Panic! At The Disco just scored their first No. 1 album since the band’s formation more than a decade ago."
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