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Waer Music Group Corp. released its second quarter eaings report today, and the results mark a milestone for the industry giant. Music streaming is now its largest source of revenue. This doesn't come as a massive surprise, as streaming revenue beat out Waer Music's download revenue just a year ago. Even so, it is a first for any major music label.
According to Stephen Cooper, Waer Music Group's CEO, "These impressive results were driven by outstanding music from our artists and songwriters, the expansion in our global footprint, our leadership in the industry's digital transformation and excellent execution globally."
Cooper added, "We are now the first major music company to report that streaming is the largest source of revenue in our recorded music business, surpassing our revenue from physical formats. And this new milestone comes only four quarters after our streaming revenue first topped our download revenue."
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