By Olumide Adesida
For the first quarter of 2015, Warner Music Group’s latest financial results indicate that the label’s revenues grew 4% year-by-year to $677m, helping it record a net profit of $19m.
Warner Music Group’s CEO Stephen cooper announced a major growth in recorded music streaming. He also warned rivals to ‘think very carefully’ as the industry is now looking beyond just download sale to paid subscriptions.
The company announced that its recorded music division had recorded more revenue from streaming than digital downloads sales in the quarter ending of March 31. WMG’s recorded music streaming revenue increased by 33%, giving more support to the idea that even with its various issues, streaming will become the future for music consumption.
According to reports, this is the first time streaming revenues went higher than download sales.
While speaking with reporters during the earnings call, CEO Stephen Cooper told reporters: ‘The rate of this growth has made it abundantly clear that in years to come, streaming will be the way that most people enjoy music.’
In spite of the issues Jay Z‘s Tidal is facing at the moment, this will be an exciting news for the rap and music mogul as well as those involved in streaming at whatever level.
