Record company Warner Music earns more money from streams | Music

In total, $1.3 billion was received from April to June, compared to $1 billion in the same period last year. According to Warner Music, the increase is partly due to ‘impressive numbers of music streams’. Digital revenue grew by nearly 29 percent and now accounts for nearly 70 percent of revenue.

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The physical sales division saw a stronger increase after last year’s sharp decline due to worldwide store closures. Now turnover from stores, among other things, increased by 155 percent, partly due to a renewed interest in vinyl records. All this together led to a profit of $61 million, compared to a loss of $519 million a year earlier. Warner Music has been listed on the New York Stock Exchange since last year.

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A few years ago, the world looked very different for companies like Warner Music. At the time, free or very cheap downloads of songs on the internet caused declining sales at music companies.

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