BigChampagne's Ultimate Chart (a/o February 10th):
1. “What Doesn't Kill You (Stronger),” Kelly Clarkson
2. “Set Fire to the Rain,” Adele
3. “Turn Me On,” David Guetta
4. “Rack City,” TYGA
5. “Good Feeling,” Flo Rida
6. “Smooth Criminal (Glee Cast Version),” Glee Cast
7. “Young, Wild & Free,” Snoop Dogg & Wiz Khalifa
8. “Domino ,” Jessie J
9. “Sexy and I Know It,” LMFAO
10. “Ass Back Home ,” Gym Class Heroes
Significant profit losses, significant digital gains. That was the all-too-familiar financial song being sung by Warner Music Group during its recent quarterly earnings call.
For the three-month period ending December 31st, the major label lost $16 million, and operating income dropped 45 percent to $44 million. Warner also suffered an $18 million loss related to its ill-fated acquisition of Bulldog Entertainment Group, a company that spearheaded a string of money-losing, Hamptons-based concerts.
Revenues actually improved during the period, along with digital sales. Total revenues moved upward 7 percent to $989 million, though measured at constant currencies, the gain was just 1 percent. Digital revenue reached $141 million, a 41 percent gain over year-ago tallies. Digital assets now account for 14 percent of total label revenues. Wall Street pushed shares of WMG southward to $6.94 in Wednesday trading, a near-21 percent drop.
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