Warner Music announces its strongest growth in eight years as streaming pays off

The industry is adapting to new listening habits...

Warner Music announces its strongest growth in eight years as streaming pays off

Ben Birchall PA Wire/PA Images

Warner Music Group has reported its highest earnings in 8 years - as it reports that income from paid-subscription music services is starting to boost its bottom-line.

Total revenue grew by 9.4% and was up 13.1% in constant currency for the full year - growing to $3.2bn for its full fiscal year.

"We’ve had another excellent year, in which we posted strong financial results and outperformed the industry," said Steve Cooper, Warner Music Group’s CEO.

Warner artist Bruno Mars

"This fiscal year marked our highest total revenue in eight years and our highest OIBDA in a decade. We’re creating great momentum by investing in a flow of fantastic new music, expanding our presence around the globe and embracing new business models early. Given our extraordinary roster of recording artists and songwriters and the strength of our operators around the world, we’re excited by the possibilities in 2017 and beyond," he continued.

Top selling artists including Ed Sheeran, Coldplay and Bruno Mars are signed to Warner labels - it also owns lucrative back catalogues including those of Prince and Fleetwood Mac.

The company is the world's third largest music firm - trailing Universal and Sony.

During 2016 it was the first of the 'big three' to announce that streaming has become its largest revenue stream - surpassing physical sales and downloads.

Its digital revenue rose by 21% to $1.5bn in the 12 months to September.

These results come days after Apple Music announced it now has over 20 million paying users - while Spotify passed the milestone of 40 million paying users earlier in this year.