Streaming Again Boosts Warner Music

Warner Music Group Corp. reported double-digit quarterly revenue growth, as streaming music again helped drive digital growth and offset declines in legacy physical media.

The cast recording of the wildly popular "Hamilton" Broadway musical was a major seller during the quarter alongside tracks from Twenty One Pilots, Coldplay and the Red Hot Chili Peppers. Warner also said the timing of concerts helped results.

Recorded music revenue grew 10.6% across all of its regions.

In all, Warner posted a revenue increase of 12% to $841 million. It posted a loss of $3 million, compared with a loss of $23 million a year prior.

Digital revenue now accounts for 46% of total revenue, up from 42% last year.

Warner, the third-largest music company behind Vivendi SA's Universal Music Group and Sony Corp.'s Sony Music Entertainment, reported in May that streaming revenue surpassed download revenue for the first time.

Streaming services from Apple Inc., Pandora Media Inc., and Spotify AB have become popular in recent years. They let users stream myriad music options directly to their mobile devices instead of buying individual tracks or albums.

Write to Austen Hufford at [e-mail]

(END) Dow Jones Newswires

December 08, 2016 09:05 ET (14:05 GMT)

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