Warner Music Loss Widens in Latest Quarter
Warner Music Group on Thursday reported flat revenue and a slightly higher loss for its fiscal first quarter.
The music company posted a loss of $26 million, compared with a year-ago loss of $18 million.
Revenue was virtually unchanged at $779 million in the quarter. Digital revenue rose 17 percent to $219 million.
Major recorded music sellers in the quarter included Michael Buble, Nickelback, Bruno Mars and The Black Keys.
“This quarter’s results reflect a solid performance throughout WMG as we grew digital recorded music revenue and total music publishing revenue," said CEO Stephen Cooper. “Going forward, we will continue to focus on long-term artist development, revenue diversification and cost management.”