Warner Music Group Corp’s losses decreased in the third quarter and revenue increased as downloaded music and streamed music sales made up for falling CD sales.
Warner Music’s net loss in the three months to 30 June narrowed to US$46m, or 30 cents per share, from a loss of US$55m, or 37 cents per share, a year earlier.
Revenue rose 5pc to US$686m from US$652m.
Digital revenue grew 13pc to $203m.
“Our focus on disciplined A&R investments, revenue diversification and innovative digital strategies has helped us to grow our recorded music revenue and deliver healthy increases in three key segments of our music publishing revenue,” said Edgar Bronfman, Jr, Warner Music Group’s CEO.
“We are approaching the point where the majority of our US recorded music business will be digital, while continuing to transform our approach to artist signings with more than 60pc of the artists on our active global recorded music roster being signed to deals with a comprehensive suite of expanded rights.”
