In very, very good news for the music group, in a conference call announcing its third-quarter financial results ended on June 30, Warner Music Group posted only a $9 million loss on revenues of $811 million, a huge improvement over last year’s $44 million loss in the last year. On just digital revenue, there was an improvement of 21% to $381 million, which amounted to 46.9% of the group’s quarterly revenue, compared to last year’s $314 million, which made up 44% of overall revenue, but had the company facing deeper losses.
Seemingly confirming the success the entire music industry is having through music streaming, WMG CEO Stephen Cooper said:
“Our results underscore this momentum, driven by exceptional music from our artists and songwriters, our expanded global reach and strong leadership from our team around the world. With our recorded music streaming revenue now approaching double the size of our download revenue, and still growing fast, we are on course for another excellent year.”