MUMBAI: Warner Music Group Corp.’s has posted a narrowed loss in its second-quarter Net loss for the fiscal second quarter ending in March was $25 million, compared with $68 million, a year-ago. Revenue fell by 1 percent to $662 million.
It is Warner’s fifth consecutive quarterly loss as the recording industry has seen continued struggles. The popularity of physical compact discs has continued to slide, and Warner’s digital sales haven’t come close to offsetting its lost CD revenue.
Profit in Warner’s recorded-music business soared, but revenue declined 0.9 per cent as the company benefited from cost cuts. Total digital revenue rose 15 per cent to $199 million, accounting for 30 per cent of total revenue.
Related Post
Digital sales rose by 13.9 per cent to $189 million, and now accounts for nearly 35 percent of total recorded music sales during the quarter.
