Warner Music's Loss Narrows on Streaming Revenue
August 04 2016 - 9:50AM
Dow Jones News
Warner Music Group Corp. on Thursday reported its loss narrowed
substantially in the latest period as revenue surged, thanks again
to streaming.
"With our recorded music streaming revenue now approaching
double the size of our download revenue, and still growing fast, we
are on course for another excellent year," Chief Executive Stephen
Cooper said.
Warner, the third-largest music company behind Vivendi SA's
Universal Music Group and Sony Corp.'s Sony Music Entertainment,
reported streaming revenue surpassed download revenue for the first
time during the March quarter last year. For the latest quarter,
digital revenue climbed 21%, or roughly 23% on a constant-currency
basis, reflecting the shift to streaming revenue.
In 2015, the industry's global revenue from recorded music grew
3.2% to $15 billion, the first significant increase after two
decades of declines or negligible gains, according to the
International Federation of the Phonographic Industry's annual
report released earlier this year. The uptick is due in large part
to a 45% increase in streaming revenue, which now amounts to $2.9
billion and makes up nearly half of the world's digital-music
revenue.
Warner Music, for the quarter ended June 30, posted a loss of $7
million, compared with $43 million a year ago. Revenue grew 14%, or
15% in constant currencies, to $811 million. Digital revenue made
up 47% of the total top line.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 04, 2016 09:35 ET (13:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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