by Peter Kafka – via AllThingsD
Streaming services like Spotify and Pandora have made a lot of noise. Now they’re actually generating money for the music labels, too.
Warner Music Group says streaming services contributed 25 percent of the digital revenue that its “recorded music” group saw last quarter. That works out to be about $54 million, or about 8 percent of Warner’s total revenue for the period.
What’s more encouraging for Warner — and, presumably, the rest of the big labels — is that streaming revenue is growing quickly, but doesn’t seem to be cutting into traditional digital sales from outlets like iTunes.
Read full story at AllThingsD.com