Clear Channel, WMG Revenues Up, UK Music Down

Clear Channel, WMG Revenues Up, UK Music Down

Clear Channel, WMG Revenues Up, UK Music Down
CC Media Holdings Inc.
, the parent company of Clear Channel Communications, reported a 4 percent increase in radio revenue to $781 million during the second quarter of 2011, marking the biggest segment for the company, which posted an overall quarterly net loss of $53.2 million. Warner Music Group reported a fiscal third-quarter loss of $46 million, a smaller deficit compared to a $55 million loss during the year-ago quarter, and revenue increased 6 percent to $686 million. Digital revenue reached $203 million, accounting for 30 percent of the total revenue, and U.S. recorded music digital revenue grew to $108 million, making up 47.6 percent of total domestic recorded music revenue. Meanwhile, music industry revenue in the UK decreased 4.8 percent to $6.21 million in 2010 due in part to declining CD sales, which fell 7.9 percent to $2.03 billion, digital piracy and a lack of big artists on tour as live music revenue declined 6.8 percent to $2.42 billion. However, revenue from digital services grew 20 percent to $517.1 million. (8/4)

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