WMG Losses Widen 385 To 27 Million

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WMG Losses Widen 385% To $27 Million

By: Bruce Houghton
2007-05-08

Warner Music Group posted a 385% wider quarterly today due to soft music sales and confirmed that it would cut about 400 jobs.

The world's fourth largest music company reported a fiscal second-quarter net loss of $27 million compared with a loss of $7 million last year. Revenue declined 2% down $784 million from $796 million.

As we asked yesterday, "Is The End Of The Major Label Near?"

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View All Articles by Bruce Houghton

About the Author:
Bruce Houghton is a 25 year music industry veteran who owns booking agency Skyline Music and the tour marketing company Skyline Innovations.

http://www.hypebot.com


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