Warner Music Group announces Q4 loss of $42 million
Warner Music Group, the major record label behind electronic acts and brands such as The Prodigy, Skrillex, Pendulum, Big Beat, and OWSLA, has announced their final quarter earnings for 2014. Despite an $829 million revenue stream, the label still announced a $42 million loss. The company’s revenue stream grew only 1.7%, with digital revenue growing 14% and recorded music sales improving by 8%.
Confident in the future of Warner Music Group, Chief Executive Officer Stephen Cooper noted that, “I am pleased with these results. They underscore the success of our A&R activities, and the speed at which we are embracing new business models.” With the lawsuit surrounding its interns now settled and Nile Rodgers firmly planted on its roster, Warner Music Group’s 2015 is looking promising.