Warner Music Revenue Grows on Streaming
May 06 2016 - 9:30AM
Dow Jones News
Warner Music Group Corp. on Friday reported its profit fell 39%
in the second quarter, though revenue surged as streaming became
the top contributor to the top line.
"We are now the first major music company to report that
streaming is the largest source of revenue in our recorded music
business, surpassing our revenue from physical formats," Chief
Executive Stephen Cooper said. "And this new milestone comes only
four quarters after our streaming revenue first topped our download
revenue."
Warner, the third-largest music company behind Vivendi SA's
Universal Music Group and Sony Corp.'s Sony Music Entertainment,
reported streaming revenue surpassed download revenue for the first
time during the March quarter last year. For the latest quarter,
digital revenue climbed 20%, or 23% on a constant-currency
basis.
In all for the quarter ended March 31, Warner Music posted a
profit of $11 million, down from $18 million a year earlier.
Revenue rose 10% to $745 million. Excluding currency effects,
revenue rose 13% in the quarter.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 06, 2016 09:15 ET (13:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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