WMG Adopt Digital Focus
05/09/07
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(FMQB) Warner Music Group (WMG) announced its second quarter financial results for the period ended March 31, and like most record companies, WMG is seeing a decline in CD sales while digital music revenue is increasing. The company posted total revenue of $784 million for the second quarter of fiscal 2007, which is down 2 percent from the prior-year quarter. Digital revenue increased to $111 million, accounting for 14 percent of total revenue in the quarter. That number is up 23 percent from $90 million in the prior-year quarter and up 11 percent sequentially from the first quarter of fiscal 2007.WMG also said that it will continue restructuring, cutting about 400 jobs and focusing more on its digital distribution system, according to Reuters.[see full story for more] - Click here for the Full Story
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