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# Warner Music Losses Narrow: 60% Of Artists Have 360 Deals, Spotify ‘Traction Is Ecouraging’
- URL: https://www.hypebot.com/warner-music-losses-narrow-60-of-artists-have-360-deals-spotify-traction-is-ecouraging/
- Published: 2011-08-04T09:10:53.000Z
- Updated: 2011-08-04T09:10:53.000Z
- Description: In its first earnings call since acquisition by Access Industries, Warner Music Group reported narrowing losses of $46 million for the fiscal third quarter, compared to a $55 million loss. Continue reading [https://www.hypebot.com/hypebot/2011/08/warner-music-losses-narrow-60-of-artists-have-360-dea
- Author: Bruce Houghton
- Tags: Major Labels, #wp, #wp-post, #Import 2026-01-21 10:55

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In its first earnings call since acquisition by Access Industries, Warner Music Group reported narrowing losses of $46 million for the fiscal third quarter, compared to a $55 million loss a year ago. Revenue declined 1% on a constant currency basis.

During the call, CEO Edgar Bronfman said 50% of revenue came from "areas of the business that did not exist in 2004". 60% of currently signed WMG artists are signed to 360 or expanded rights deals, according to Bronfman.

**DIGITAL REVENUE, SPOTIFY & LIMEWIRE:**

  
Total digital revenue was $203 million up 13% from the prior-year quarter, and up 9% on a constant-currency basis. U.S. digital music revenue grew to $108 million, or 47.6% of total domestic recorded music revenue, up from 40.9%. On Spotify's U.S. launch "early traction is encouraging," according to Bronfman, as is European conversion to paid subscribers.

Thanks to WMG's share of the Limewire settlement, operating income before depreciation and amortization of $77 million was up 20% from the prior-year quarter. Operating income before depreciation and amortization (OIBDA) of $77 million was up 20% from the prior-year quarter. LimeWire settlement had a positive $.08 per share impact in the quarter, but were not enough to offset a net loss of $.30 per share.

WMG will continue to hold earnings even though it is now a private company because some bond debt is still held publicly. The company which was purchased for $3.3 billion last month, has more than $2.27 billion in debt.