Monday, February 14, 2011

Warner Music is the only publicly traded major music label - looses $18mil

Warner Music Group lost $18 million in the last three months of 2010, or 12 cents a share, as new albums by artists like Josh Groban, Michael BublĂ© and Kid Rock fell short of expectations, the company announced on Tuesday...

Edgar Bronfman Jr., its chairman and chief executive, said the company now has these expanded rights, or “360” deals, with 55 percent of its artists. That is up “from essentially none in 2005,” he said.  Artists hate this since prior to 2005 artist kept all revenue from touring and merchandise. 
Revenue from digital music, which includes downloads from retailers like iTunes and Amazon as well as streaming services like Pandora and Rhapsody, was $187 million for the quarter.

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