Warner Music's streaming revenue tops the charts
Your listening habits at the likes of Spotify and Apple Music helped make streaming music the biggest source of revenue for the label.
Streaming music is how we like our tunes served up these days. Just ask the folks at Warner Music Group. The company on Friday said that music streaming now brings in more revenue than any other format, calling the achievement a breakthrough moment.
"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," CEO Stephen Cooper said in a statement announcing the company's second-quarter earnings. "And this new milestone comes only four quarters after our streaming revenue first topped our download revenue."
The appetite for streaming music can be seen in the growth of the services that deliver it. For instance, Apple Music has surged to 13 million subscribers less than a year after its debut, though that's still a far cry from the 30 million for Spotify. And let's not forget all buzz that Tidal (3 million subscribers) got for Beyonce's "Lemonade."