NEW YORK (Hypebot) – Warner Music Group continues to lose money at a substantial rate. Despite a 10.6% rise in digital revenue, the label and music group loss $23 million in the last quarter.
Warner Music Group Corp. today announced its fourth-quarter and full-year financial results for the period ended September 30, 2015.
WMG Executive Spin
“We had an excellent year,” said Stephen Cooper, Warner Music Group’s CEO. “We’ve topped the charts with break-out talent, legendary songwriters and global superstars. As the first music major to report streaming revenue exceeding download revenue, 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. We’ve outperformed the industry and we are well positioned to build on our success this coming year and beyond.”
“Our fourth-quarter and full-year results are impressive,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “We stayed focused on cost and cash management throughout the year and saw significant improvement in key financial metrics. As I reflect on my first full year at the company, I’m pleased by our progress and excited by our potential."