Warner Music Group’s quarterly profit nearly doubled thanks to stronger sales of digital songs during the holiday season. The company said net income for its holiday quarter rose to $69 million, from $36 million.
Warner Music said digital revenue rose to $69 million, up 30 percent from the fourth quarter, and nearly triple that of a year earlier, due to an increase in online music sales at services such as Apple’s iTunes Music Store. Revenue from the company’s recorded music business fell 2 percent to $920 million during the same time.
“Our digital revenue was up dramatically year-on-year, especially after MP3 players went live on December 25th,” Chief Financial Officer Michael Fleischer said. “The naysayers of digital music on the Street have been proven wrong.”