In what is another massive milestone in the music business, Warner Music Group have announced that they have made more revenue in the last financial quarter from streaming services, rather than from downloads.
According to Recode, it is the first time ever that a renowned music label has achieved that, as streaming revenue from Warner's recorded music unit, such as Spotify, has grown by 33 percent.
CEO Stephen Cooper announced that digital revenue grew by seven percent overall, meaning that download sales decreased during the same period.
"The rate of this growth has made it abundantly clear that in years to come, streaming will be the way that most people enjoy music," Cooper said.
“We’ll continue to collaborate with our streaming partners to expand their businesses, and more importantly, to ensure that copyright owners, artists and songwriters receive appropriate value for their work.”
Interestingly, the news comes just a week after some of the bigger music labels, including Warner, are attempting to pull their artists away from using free streaming services in the wake of Apple's relaunch of Beats Music.
Spotify, however are not backing down, with reported plans to enter the web video business, giving even more accessibility to its 60 million users.
