WMG Losses Widen 385% To $27 Million
Warner Music Group posted a 385% wider quarterly today due to soft music sales and confirmed that it would cut about 400 jobs. The world’s fourth largest music company reported a fiscal second-quarter net loss of $27 million compared with a loss of $7 million last year. Revenue declined 2% down $784 million from $796 million.
As we asked yesterday, "Is The End Of The Major Label Near?"
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I am an avid fan of eMusic and their excellent service, like most of the indie music community and I suggest you all go read what their CEO has posted in response to this, a terrific read – check it out now on the eMusic blog at:
http://17dots.com/2007/05/07/its-a-brave-new-world-out-there/
Sounds like Amazon.com is poaching eMusic.
Amazon going to compete with price and bring down everybody as a result.