Warner Music yesterday revealed their most recent quarterly profits, which were $5 million from revenues of $869 million, somewhat down on the $12 million profits posted in the same quarter last year. I blame James Blunt. Warner blamed expensive restructuring costs.
Warner chief Edgar Bronfmann Jr remained upbeat though, telling reporters: "As expected, this has been a challenging quarter, reflecting the difficulties in any industry transformation of this scale. But we remain confident for two primary reasons: continued growth in the broader music market that our long-term strategy targets, and the disciplined creative leadership shown by WMG to expand our music business model. Despite the difficult global recorded music environment, we outperformed the market again this quarter while continuing to lay the foundation for future growth".