Warner Music Group Posts Fourth Quarter Loss Despite Digital Growth

Warner Music Group announced today a loss for its fiscal fourth quarter, despite a growth in digital sales. Stephen Cooper, CEO of Warner Music Group, defended the numbers, citing a light release schedule and “the continued transition to digital in the recorded music industry.”

“Fiscal fourth-quarter revenue declined 6 percent to $707 million driven by lower physical sales, but digital revenue rose 7 percent to $210 million amid downloads and subscription/streaming services, partially offset by continued declines in the ringtone business. Digital represented 29.7 percent of total revenue in the quarter, compared to 26.2 percent in the year-ago period. Digital revenue even represented nearly 50 percent of U.S. recorded music revenue in the quarter.”

Check out the full article from Billboard.biz here

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s