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“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.”
In its second quarter earnings report released today, Warner says that digital revenue continued to grow and now accounts for around 43.9% of its total revenue with a 0.7% improvement during the quarter coming mostly from increased streaming revenue. Warner adds that the increased streaming revenue “more than offset a decline in download revenue,” which the company expects to be a “continuing trend.”
The news comes as Apple reportedly negotiates with content owners for its much talked about upcoming streaming music service and competitors allegedly look into potential anti-competition concerns over the Apple entering the space.
We reported previously that Apple plans to show off its new Beats streaming music service at WWDC in June, while a revamped iTunes Radio will launch and expand the service to new countries later that month.
Earlier today Apple released its iOS 8.4 beta 3 including a revamped Music app in the lead up to the new music service launch.