Monday, 10 February 2014

Warner losses narrow, Sony post 14% growth

Warner Music saw revenues grow and losses narrow in the final quarter of 2013. Revenues were up from $769 million in the same quarter a year earlier to $815 million, while net loss was down from $80 million to $37 million. Warnerr's 2013 acquisition of the Parlophone Records business in Europe aided the revenue hike. WMG CEO Stephen Cooper told reporters: "There were a number of bright spots this quarter, including strong growth in steaming revenue for our recorded music business and solid performance from our music publishing business. While we had a light release schedule this quarter, we are enthusiastic about our release schedule for the second half of the fiscal year".

Global releases from One Direction, BeyoncĂ© and Miley Cyrus helped Sony Music (both the record label and sony/ATV music publishing) post revenues up 14.4% year-on-year in the last quarter of 2013 resulting in an operating profit rise of 32.5% -  $1.38 billion in revenue and $207 million in profit. Record sales in Japan, however, were down a little year-on-year, though that was blamed on a light release schedule compared to late 2012. 

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