Warner Music Narrows Loss

Warner Music Group Corp. said it narrowed its loss in the most recent quarter as streaming revenue continues to surpass download revenue.

Warner, the third-largest music company behind Vivendi SA's Universal Music Group and Sony Corp.'s Sony Music Entertainment, is owned by Len Blavatnik's Access Industries Inc.

Warner's streaming revenue surpassed download revenue for the first time during the March quarter this year. For the latest quarter, digital revenue climbed 11%, or 20% on a constant-currency basis. The company said streaming services continue to drive digital revenue growth.

"We've continued to lead the digital transformation, helping us to achieve four consecutive years of revenue growth in our combined recorded music digital and physical business," Chief Executive Stephen Cooper said.

For the fourth quarter ended in September, Warner Music reported a loss of $23 million, compared with a loss of $24 million a year earlier. Excluding certain items, the company posted a loss of $15 million, compared with a loss of $8 million in the quarter last year.

Revenue fell 2.7% to $750 million. Excluding currency effects, revenue rose 7.3% in the quarter.

Write to Anne Steele at [e-mail]

(END) Dow Jones Newswires

December 10, 2015 09:05 ET (14:05 GMT)

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