New York – Major record label Warner Music Group (NYSE: WMG) said its
first quarter digital revenues rose a modest 1.6% to $187 million, accounting
for 24% of its $789 million in total revenues — which were down 14% from the
same period a year ago.
“While industry pressures and a highly competitive
release schedule limited our results in the first quarter, we’re confident that
our disciplined A&R investments, successful revenue diversification and
innovative digital strategies will drive WMG’s long-term growth,” said CEO
Edgar Bronfman, Jr.
“The growth in digital revenue over the prior-year
quarter primarily reflected strength in global digital downloads and streaming,
partially offset by continued declines in domestic mobile revenue,” the
company said.
“We expect digital revenue to accelerate once again as new
business models are rolled out on a global basis and as device capabilities and
network technologies advance,” Bronfman added, during a call with
analysts, according to the transcript.
Recorded music division revenue was down
14% in the first quarter; the company cited payment collection timing for a
14.9% drop in music publishing revenues.
Related Links:
http://tinyurl.com/6dzbwtr
http://tinyurl.com/6k7ptuj
(Billboard)
