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Warner Music earnings drop because of lackluster CD sales
Warner Music Group says its quarterly profit fell 58 percent year over year to $5 million from $12 million. Were it not for a $12 million settlement from Bertelsmann related to Napster, Warner would have had a quarterly loss. Revenue rose 2 percent to $869 million. For the year, Warner had a net loss of $21 million versus a profit of $60 million last year. The company said that revenues from online and mobile sales have risen, but this has not offset losses from conventional sales. Warner is attempting to make new agreements with artists to get part of touring and merchandise revenue, but it doesn't help that one of its star performers, Madonna, is dropping Warner for Live Nation when her contract is up.
copyfight
Edgar Bronfman cops to creating file-sharing menace
Warner Music CEO and antipiracy crusader Edgar Bronfman has admitted that the recording industry shares some of the blame for the proliferation of file sharing. "We expected our business would remain blissfully unaffected even as the world of interactivity, constant connection and file sharing was exploding," he said at a mobile conference in Asia. "We were wrong." No, really? Bronfman relayed how the music business's "glacial" adoption of the digital era inadvertently started a war by denying consumers what they wanted. One would think Bronfman, an entrepreneur, would have realized all this a little sooner. But then again, the music business has never actually been about pleasing the customer.
Warner Music is threatening to pull out of Apple's iTunes, continuing the trend started by an angsty Universal Music Group. Record labels and Hollywood studios alike are upset by Apple's inflexibility on pricing. Warner's contract is up at year's end, and is considering a switch to a month-to-month deal, as Universal has done. [Washington Post]
silicon valley users guide
5 lessons on how to triumph in the face of adversity
Dalton Caldwell, founder of the little-known social network and media sharing site iMeem, is in the news because Warner Music has dropped a copyright suit against his company Instead, Warner has granted Caldwell's users free access to the label's entire music catalog in exchange for a portion of iMeem's advertising revenue. Caldwell may not be the most powerful social-network CEO, but he's certainly the scrappiest, and this is just the latest example in his history of responding well to adversity. You could learn a lesson from him Or five lessons, actually: More »
3:36 PM on Thu Jul 12 2007
By Tim Faulkner
1,131 views,
2 comments
Latest by Slava: It might be of note that Pitchfork Media uses iMeem for all their featured song previews and given that Pitchfork are such powerful taste-makers amongst a certain demographic, it would make sense for some record companies to expose their music more »
