Warner Music Group's income from streaming grew by $215 million in the year up to 30 September - up from $86 million the previous year. Most of the increase - $200 million - came through the company's recorded music division. The smallest of the music majors saw annual revenues increase to just over $3 billion, 40% of which came from digital services.
A new BPI study suggests that Britain's desire for music has lead to increased sales of consumer technology products - calculating that music created £11 billion of additional revenue for the tech industries between 2008 and 2012. The record industry trade group's study states that UK consumers spend around 23% more on music than in other G7 countries, and this in turn correlates to increased tech sales. For every 1% increase in demand for music, for instance, there is a 1.4% correlating increase in smartphone purchasing. And that rises to 2.2% for tablets.
