New financial data shows that streaming really is propping up the music industry this year. Warner Music reports that overall revenue is up 13.1% while digital only revenues were up 30%. Although money from digital products were down, streaming (which accounts for around 50% of their total income) helped to keep them in the black.
According to Complete Music Update:
Putting the latest figures into the context of the general good news narrative being pushed by the major record companies in the last couple of years, Warner boss man Stephen Cooper noted that: “Our momentum continues with our eighth consecutive quarter of revenue growth – the last seven of which were up double digits. Our artists and songwriters are creating great music and our team is outperforming in a growing industry”.