More than 15 years after Napster started gutting the traditional music industry, big labels are finally able to point to promising numbers. Thanks to the rise of streaming music services like Spotify and Apple Music, Warner Music Group just posted its highest revenue in eight years, according to Music Business Worldwide. In the yearlong period ending this September, WMG saw $3.25 billion in revenue, about $2.7 billion of which was from recorded music.
Streaming music, which WMG CEO Stephen Cooper says is “firmly established as our largest revenue source, is estimated to have brought in about $900 million. Industrywide revenue from recorded music to keep rising, bucking the downward trend seen since the early 2000s.