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Business News Labels & Publishers
Warner narrows losses as Parlophone aids revenue growth
By Chris Cooke | Published on Monday 10 February 2014
Warner Music saw revenues grow and losses narrow in the final quarter of 2013 (the first quarter of the firm’s current financial year), a money update published by the company last week revealed. 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. The mini-major’s 2013 acquisition of the Parlophone Records business in Europe aided the revenue hike.
Generally upbeat about his company’s performance, despite the net loss overall, 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”.