This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Business News Labels & Publishers
Warner revenues slip, but losses down overall
By CMU Editorial | Published on Friday 10 August 2012
Warner Music saw revenues slip in its third quarter – partly because of currency fluctuations, but there was some real slippage too – though with costs down the mini-major was able to reduce its losses overall, to $32 million, compared to $46 million in the same period a year earlier.
Digital revenue continued to boom, offsetting the continued slump in physical sales. The major said its digital revenues were up 13% (16% with constant currencies), and now accounted for 41.5% of all recorded music income.
CEO Stephen Cooper said he felt that the continued growth of digital gave reason to be optimistic, telling reporters: “There were several bright spots in our results for the quarter. In our recorded music business, strong growth in digital revenue more than offset the decline in physical revenue on a constant-currency basis, showing the promise of the industry’s transformation”.
