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

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