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Warner Music moves to stem latest losses

Warner Music moves to stem latest losses
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Warner Music says its losses in the last quarter increased due to weak sales in key markets. The company also announced that it is to lay off around 400 workers as it restructures to improve digital distribution of its music and videos. Warner lost 20 million euros in the quarter compared with just over five million in the same period last year.

Like other major record companies, Warner has struggled with the transition from compact discs to online music. It has also been hit by piracy of its product and counterfeiting. Worldwide, Warner’s sales were down 2% during the quarter, but revenues from digital operations rose 23%. The company did have some major sellers including the latest albums from Madonna and the Red Hot Chili Peppers.