Record Label Shake Ups, Sales Make For A Tumultuous Year In The Music Industry
Record Label Shake Ups, Sales Make For A Tumultuous Year In The Music Industry

NEW YORK - Warner Music Group on Thursday reported a narrowed loss for its latest quarter.

The loss of $46 million for what is the company's fiscal third quarter, compared to a loss of $55 million in the year-ago period. A settlement with LimeWire boosted the latest figure, while costs related to a sale of the company and severance charges were a drag on it.

Revenue at the music major, which was recently taken private by Len Blavatnik's Access Industries, rose 6 percent to $686 million. But assuming constant currencies, revenue declined 1 percent.

Top sellers in recorded music for the quarter included Bruno Mars, Superfly, Wiz Khalifa, Hugh Laurie and Cee Lo Green.

Digital revenue of $203 million amounted to 30 percent of total revenue. U.S. recorded music digital revenue grew to $108 million, or 47.6 percent of total domestic recorded music revenue, compared with 40.9 percent in the prior-year period

Said WMG CEO Edgar Bronfman Jr.: "We are approaching the point where the majority of our U.S. Recorded Music business will be digital while continuing to transform our approach to artist signings with more than 60% of the artists on our active global recorded music roster being signed to deals with a comprehensive suite of expanded rights."

Questions? Comments? Let us know: @billboardbiz

Print