Warner Music Loses $24 Million in Most Recent Quarter
The results are an improvement over the year-ago period
Warner Music Group on Thursday reported fiscal fourth-quarter revenue of $771 million, up from $764 million, and a net loss of $24 million, an improvement over a $57 million loss in the same frame a year ago.
For the entire fiscal year, Warner Music said revenue was up 5 percent but digital revenue rose 11 percent.
For the quarter, digital, licensing and artist services and expanded-rights revenue each grew though they were offset by a decline in physical revenue, the company said. In the quarter, 43 percent of all recorded music revenue came by way of digital streaming.
Revenue in music publishing for the quarter was up 3 percent to $130 million.
Warner Music is the parent of several record labels, including Asylum, Atlantic, Elektra, Reprise and Rhino. Major recent sellers include Coldplay, Ed Sheeran, Mariya Takeuchi, Blake Shelton and Kyary Pamyu Pamyu, the company said Thursday.
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