Warner Music: Digital Now 19% of Total Revenues

Authored by Mark Hefflinger on February 5, 2009 - 7:55am.

New York - Warner Music Group (NYSE: WMG) now generates 19% of its total revenues from digital music, and reported $171 million in digital revenue for its fiscal quarter ended Dec. 31 -- a 20% increase from the same period a year ago.

In the U.S., digital generated $99 million during the quarter, accounting for an even larger 31.4% of total recorded music income.

Overall, the company reported a net profit of $23 million for the quarter, compared with a net loss of $16 million a year ago, while revenue was off 11.2% to $878 million.

"Though facing difficult economic conditions and tough prior-year comparisons, we executed on our strategy and remain confident in achieving our long-term goals," said Edgar Bronfman, Jr., Warner Music Group's chairman and CEO.

"We continue to develop new music business solutions and maintain our digital leadership position, while managing costs, gaining share and delivering strong returns on A&R investments."