Thursday, November 29, 2007

Warner Music profit falls; industry in slump

Sales of digital music at Warner were up 25 percent at $130 million during the quarter but this could not make up for the short-fall in CD sales.
U.S. album sales are down 14 percent year on year, according to data from Nielsen SoundScan, as more fans choose to buy music as individual songs through online stores such as Apple Inc's iTunes, or resort to using free file-sharing services to get music.
Warner Music stock is down nearly 70 percent since the start of the year as evidence of a faster-than-expected deterioration in music sales has become more clear to investors.;_ylt=A9G_Rz1xy05HqBQBChFHkPwA

No comments: