Warner Music Group Total Q3 Revenue Up 5%; Digital Up 39%

Authored by Mark Hefflinger on August 7, 2008 - 7:15am.

New York - Major record label Warner Music Group (NYSE: WMG) reports that third quarter revenue was up 5% from the same period a year ago, to $848 million, while digital revenues climbed 39%, to $166 million. Warner Music's digital revenues were up 1% from the first quarter of the year, and now account for about 20% of the company's total revenues; in the U.S., digital revenues made up 31.7% of total revenues.

The company's net loss fell from $17 million a year ago to $9 million this year.

Warner Music CEO Edgar Bronfman Jr. told reporters that the company has now signed up to one-third of its artists to "360 deals" that encompass recording, merchandise and touring, according to Reuters.

Bronfman also signaled the label would be asking higher license fees for songs placed in music-based video games like "Guitar Hero" and "Rock Band."

"The amount being paid to the music industry, even though their games are entirely dependent on the content we own and control, is far too small," Reuters quoted Bronfman as saying.