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Warner Music Group sees strong digital sales
Warner Music Group’s quarterly profit nearly doubled thanks to stronger sales of digital songs during the holiday season. The company said net income for its holiday quarter rose to $69 million, from $36 million.
Warner Music said digital revenue rose to $69 million, up 30 percent from the fourth quarter, and nearly triple that of a year earlier, due to an increase in online music sales at services such as Apple’s iTunes Music Store. Revenue from the company’s recorded music business fell 2 percent to $920 million during the same time.
“Our digital revenue was up dramatically year-on-year, especially after MP3 players went live on December 25th,” Chief Financial Officer Michael Fleischer said. “The naysayers of digital music on the Street have been proven wrong.”
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