Warner Music Group announced its financial results for the third quarter of 2012 (its fiscal Q4) last night, with overall revenues up 2% year-on-year to $731m, with digital up 15% to $241m as part of that – so 33% of the total. WMG reported a net loss of $18m for the quarter, narrowing from $103m this time last year. For its last financial year as a whole, WMG says that digital revenue growth “more than offset” physical revenue declines in its recorded music business, although that net growth was then trumped by declines in its artist services and expanded rights, licensing and music publishing revenues. Overall, WMG’s revenues for the fiscal year were down 3% to $2.8bn, although net losses narrowed from $205m to $112m. “All signs continue to indicate the digital is fueling a return to growth in the music industry,” CEO Stephen Cooper told analysts last night. He praised Xbox Music, Spotify and Deezer’s impact – “continues to be a very nice model for us” – while also hailing Google’s potential as a competitor for Apple in downloads.
Tools: platforms to help you reach new audiences
Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…