Warner, EMI Both Leaking (At Least A Little) Green This Summer
Warner Music Group came up short again this year, claiming net losses of $17 million (compared to $14 million for the same quarter last year). The company’s posted revenue was also around $30 million less than the suits expected, hovering around $800 million, a 2% drop from the same quarter this time last year. Blame it on the summer slump, a mediocre release schedule, or digital sales, but at this rate the fourth quarter is going to be the only one that matters for the behemoths, if it isn’t already. Meanwhile, EMI was also kvetching about a large drop in CD sales, with its own revenue down 5.1%. This bummer of a board meeting came right after EMI was accquired by another company for £2.4 billion. Suckers!