MUSIC BIZ NEWS- The ongoing entertainment company bad news continued as the growth of digital download sales slowed further at Warner Music Group Corp in its recent fiscal third quarter, prompting CEO Edgar Bronfman Jr to state that the company was looking "beyond the iTunes model" to return to growth.
The firm said its net loss increased in its fiscal third quarter, as music CD sales continued to fall and the company released fewer big albums than a year ago. Its net loss in the three months to June 30 grew to $55 million, from $37 million a year ago.
Revenue dropped 16 percent to $652 million from $773 million. Financial analysts had expected a decline in revenue to $678 million. With the news, WMG's shares fell 6 cents, or 1.3 percent, to $4.63 in midday trading on Thursday.
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