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Warner narrows losses as Parlophone aids revenue growth

By | Published on Monday 10 February 2014

Warner Music

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”.