Warner Music Posts Wider Loss

[HardOCP News]

Warner Music Group posted a fiscal second-quarter loss of $27 million (compared to a $7 million loss a year earlier). The company also plans to cut 400 jobs.

The world's fourth-largest music company reported a fiscal second-quarter net loss of $27 million, or 19 cents a share, compared with a loss of $7 million, or 5 cents a share, a year earlier.

 

[ir0nw0lf]

Yarrrr!

 

[Draax]

Ahhh so this is why Warner Brothers is refusing to show previews for its movies in Canadian theatres, bunch of asshats.

 

[TechLarry]

I'm suprised they haven't blamed it on lower CD sales caused by pirating...

 

[MrE]

I'm suprised they haven't blamed it on lower CD sales caused by pirating...

Give them time. I bet they will proclaim that the "Interweb are teh ev1l" and that proves the consumers are asking for more DRM tracks from crappy artists.

 

[stonedwaldo420]

mmmmm.... basking in the warm glow given off by the record companies loosing money.



Hmm... and their CEO made $7M this year.. It appears that he is directly responsible for a large chunk of those losses. Maybe they should stop giving money away to useless and incompetent record executives? Do we even need them? Just hire a few accountants to make sure the books get done correctly and let the artists do what they do best… produce music.

 

[THRESHIN]

i just wish they'd wake up a bit. i'm convinced that they're losing money because they're putting out crap. surprise jerkoffs, not everyone likes rap and half-assed punk or albums that are rushed out the door with very little attention to quality. people download music because they're tired of buying an album and finding theres only 1 or 2 good songs on it and then they feel compeltely ripped off.

 

[UrielDagda]

i just wish they'd wake up a bit. i'm convinced that they're losing money because they're putting out crap. surprise jerkoffs, not everyone likes rap and half-assed punk or albums that are rushed out the door with very little attention to quality. people download music because they're tired of buying an album and finding theres only 1 or 2 good songs on it and then they feel compeltely ripped off.

They aren't really losing money.. They are being looted into debt by the higher-ups!!!

Well, churning out garbage doesn't help either., but...