Live Nation and Warners upbeat on financials

Warner Music Group and Live Nation have both issued upbeat statements after bth forms latest financial figures were released. Live Nation said it had seen revenues 8.3% year-on-year in the last quarter to $1.7 billion in the quarter to the end of June, with net income of $59 million above analyst expectations with CEO Michael Rapino calling a 'record summer'.

Warner Music Group, meanwhile, had seen revenues increase by 1.8% in the same period, but losses had almost doubled to $63 million. Recorded music revenues increased by 3.3%, while digital revenues on recordings were up by 9.8% on the same quarter last year, representing 44.8% of total recorded music income. Comparatively, revenues on physical releases dropped by 5.8%.

Elsewhere HMV confirmed it was moving back into its original store on London's Oxford Street which it first occupied in 1922 until 2000 when the store moved to larger presmises, which were then given up t to Sports Direct earlier this year. New HMV owner Hilco confirmed the return this week