Warner Music Group showed a loss for the quarter ending March 31st of $25 million or 17 cents per share. That amount has decreased significantly because in the same quarter last year, they had $68 million or 45 cents a share loss. Their overall revenue fell 1.3% to $662 million with rising digital sales contributing to their improving numbers. Other improvements are that digital sales reached $199 million or 30% of total revenue which is up 8% from the previous quarter and up 15% from $173 million in the prior-year quarter. In addition, operating income grew 60% to $24 million compared to $15 million in the prior-year quarter.
Obviously, these statistics indicate that digital sales are taking over. Who knows where Warner Music Group would even be right now without them. We'll just have to continue to wait and see if digital music wipes out CDs completely.
- Samantha Bruno
Source:
http://www.hypebot.com/hypebot/2010/05/wmg-offers-mixed-financial-report-digital-sales-up.html#more
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