Warner Music Group Loss Narrows

Warner Music Group Loss Narrows
Warner Music Group reported a loss of $32 million for its fiscal third quarter, a smaller drop than the $46 reported for the year-ago quarter. On a constant currency basis, revenue fell 1.2 percent, but digital revenue rose 16 percent to $230 million, now accounts for 41.5 percent of Warner's total recorded music revenue and offset declines in revenue for physical product. In other earnings new, UK entertainment retailer HMV continued its struggles, announcing a loss of $60.4 million for its fiscal year ending in April, compared to a break-even report in the previous year. HMV said it would return to profitability in the coming fiscal year, with a focus mainly on consumer electronics. (8/9)

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