From the Hollywood Reporter:
NEW YORK — WMG Acquisition Corp., the main operating unit of the Warner Music Group, posted a narrowed loss for its fiscal second-quarter Monday as digital music revenue for the period exceeded digital results for the full fiscal year 2004. New York-based WMG, which went public last week, posted a loss of $18 million for the quarter ending March 31, compared with a year-ago loss of $45 million.
Piracy is supposedly killing off all our favorite artists, beggaring them to the point that they have to go out and perform to make money. And somehow, with all the rampant online downloading, filesharing and music copying that’s goinging on, the digital music revolution has provided Warner Music with a $60 million turnaround. Thank god we’re coming to the end of the bad times, I can’t wait for the era when a billion dollar profits seem small! Vive la revolution!
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