Overnight news from around the world: Friday, August 5

Overnight news from around the world: Friday, August 5

Warner losses down as revenue rises

Warner Music Group losses shrunk to $9 million on revenues of $811m for Q2 2016, well down from the $44m loss it reported in the same period last year. Revenue was up 14%, which the firm attributed to increases in digital and physical revenue, artist services and expanded rights. Its recorded music arm accounted for 83% of total revenues at $680m, with digital making up 51.2% at $348 million. Record label operations posted $680m in operating income before depreciation and amortization, interest and taxes, up 48.8% year-on-year from  $43m. (Billboard)

Crowdmix sold to main investor

Bankrupt social music startup Crowdmix has been sold to billionaire real estate tycoon Nick Candy, who was also its main investor. Candy had previously invested more than $10 million of the $18 million that the London-based company had spent prior to going into administration last month. It is yet to officially launch. (Business Insider)

Warner 'considering LA office move'

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VIDEOS
Music Week Radar, 26th May 2016

JP Cooper – Tidal Wave. Filmed at Music Week Radar, Under the Bridge.

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