WMG posts $59m loss in FY Q2 ended March 31 2014

Tom Pakinkis

Warner Music Group recorded a $59 million net loss in its second fiscal quarter ended March 31 2014. That compares to an income of $4 million in the prior-year quarter.

For the quarter, revenue declined 3.3% (or 2.7% in constant currency). Excluding the July 1, 2013 acquisition of Parlophone Label Group, revenue declined 13.9% (or 13.4% in constant currency), due to a lighter release schedule than in the prior-year quarter. 

Including PLG, the growth in artist services and expanded rights revenue, ...

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