Warner Music Narrows Loss
December 10 2015 - 9:20AM
Dow Jones News
Warner Music Group Corp. said it narrowed its loss in the most
recent quarter as streaming revenue continues to surpass download
revenue.
Warner, the third-largest music company behind Vivendi SA's
Universal Music Group and Sony Corp.'s Sony Music Entertainment, is
owned by Len Blavatnik's Access Industries Inc.
Warner's streaming revenue surpassed download revenue for the
first time during the March quarter this year. For the latest
quarter, digital revenue climbed 11%, or 20% on a constant-currency
basis. The company said streaming services continue to drive
digital revenue growth.
"We've continued to lead the digital transformation, helping us
to achieve four consecutive years of revenue growth in our combined
recorded music digital and physical business," Chief Executive
Stephen Cooper said.
For the fourth quarter ended in September, Warner Music reported
a loss of $23 million, compared with a loss of $24 million a year
earlier. Excluding certain items, the company posted a loss of $15
million, compared with a loss of $8 million in the quarter last
year.
Revenue fell 2.7% to $750 million. Excluding currency effects,
revenue rose 7.3% in the quarter.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
December 10, 2015 09:05 ET (14:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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