News

WMG reveals losses for its fiscal Q4


Tags:

Warner Music Group has reported its financials for its fiscal fourth quarter, which ended on 30 September. The company’s revenues fell 6% year-on-year to $707 million, with WMG posting a net loss of $103m for the quarter, more than double its loss of $46m in the corresponding 2010 quarter. WMG says its adjusted net loss was $43m for its fiscal Q4, taking into account refinancing under the terms of its acquisition by Access Industries. Overall, WMG’s digital revenues rose 7% year-on-year from $197m to $210m in its Q4. That breaks down as $194m from recorded music and $17m from music publishing according to the financial results, with digital accounting for just under 34% of WMG’s recorded music revenues. In the ensuring analyst call, CEO Stephen Cooper said WMG is not considering splitting its recorded music and publishing divisions, describing them as both “viewed as integral parts of this business”.

Music Ally

Read More: News
Leave a Reply

(All fields required)