Warner Music Group states that the company made more revenue from streaming than from downloads last quarter, thus making them the first major label to achieve this. Warner CEO Stephen Cooper states the music unit that uses companies such as YouTube and Spotify saw a 33% revenue growth in Q2 and he added that digital revenue grew by 7%. “We experienced significant revenue growth this quarter across key segments of our business – in particular Recorded Music, across the U.S. and international and across digital and physical – capping off a strong first half of our fiscal year” He went on to say “Notably, in this quarter we saw continued growth in streaming revenue which surpassed download revenue for the first time in the history of our recorded music business. Our commitment to being at the forefront of industry change as well as our ongoing investment in artist development is the foundation of our continued success.” Streaming services are not profitable across the board at the moment but proponents state… “We believe our model supports profitability at scale,” Spotify directors Martin Lorentzon and Pär-Jorgen Pärson wrote in a management report. “We have already proven that we’ve created real value for our users, and we know that the more time people spend with our product, the more likely they are to become paying subscribers.”
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