WMG Q3 earnings

BUNNY’S CONDITION SLIGHTLY IMPROVED: The news wasn’t quite as bad as in previous quarters for Warner Music, which reported a loss of $32 million for fiscal Q3, compared with a loss of $46 million a year earlier. Meanwhile, revenue declined 5% to $654 million, but that adjusts to just 1.2% in terms of constant currencies. Conforming to the pattern of recent years, digital revenue was up by 13% to $230 million ( 16% assuming constant currencies), amounting to 41.5% of total recorded music revenue in the quarter. Breaking down Warner’s two businesses, recorded music revenue dropped 5%, while music publishing was off 4%. "There were several bright spots in our results for the quarter,” said CEO Stephen Cooper. "In our recorded music business, strong growth in digital revenue more than offset the decline in physical revenue on a constant-currency basis, showing the promise of the industry’s transformation." (8/9a)