Warner Music Financials and Views on iTunes

Warner Music Group have announced their numbers for the first quarter of 2010. Warner Music Group cut its loss to $25 million compared to $68 million a year ago. Recorded music sales were down 5.5% year-on-year to $534 million, but global digital sales were up 11.2% to $189 million, with the UK singled out as a particularly strong market.

Digital sales now account for 30.1% of WMG’s total income. CEO Edgar Bronfman praised Apple – “No-one’s gotten very rich betting against Steve Jobs – and I don’t want to be the first to do it” – although he refused to speculate on whether it’s about to launch a subscription model for iTunes.

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