New York – Major record label Warner Music Group (WMG) (NYSE: WMG)
reported a net loss of $46 million during its fiscal fourth quarter, as overall
revenue fell 13% despite a 7.1% uptick from digital revenue sources.
As the
only standalone, publicly-traded major record label, Warner Music’s detailed results
of its operations and finances are closely scrutinized, while those of the
other majors are less forthcoming and nested within results of their parent
companies.
The company noted that an increase in digital sales during the quarter “was more
than offset by contracting demand for physical product.”
Warner reported
digital revenue growth of 8% for its full fiscal year, and digital now accounts
for 40% of its U.S. recorded music revenues — but annual revenues overall fell
7% from the prior year.
Related Links:
http://www.wmg.com/newsdetails/id/8a0af8122c353d41012c56ba06bf0f65
http://news.cnet.com/8301-31001_3-20023042-261.html
http://tinyurl.com/29nacv6
(Billboard)
