This morning, Warner Music Group posted net losses of $103 million during the recent quarter, and $205 million on the year. Unfortunately, that's nothing new for this major.
detailed financial reports straight from Warner Music Group itself:
The worldwide music market used to be worth around $30 billion a year back at their peak.
Now it is worth around $17 billion a year.
There used to be 6 MAJORS. Now it is down to just 3. But i think the music industry can only go up from here. It has bottom out and it will only rise from here onward, especially as subscription music becoming more relevant. Digital will be the future.
after I typed Warner Music Group $6.026 bilion loss into google.
Got the following.
Basically, they wrote off $4.796 billion in goodwill. (company usually do this when the value of their company takes a tumble). The AOL-Time Warner Merger was one of the biggest BUST mergers of all time.
We recognized a non-cash charge of $4.796 billion for the year ended November 30, 2002 to reduce the carrying value of goodwill in connection with the initial adoption of Financial Accounting Standards Board Statement No. 142, "Goodwill and Other Intangible Assets" ("FAS 142"). The amount of the impairment charge primarily reflected the decline in Time Warner stock price since the AOL—Time Warner merger was announced and valued for accounting purposes in January 2000, as well as declines in the valuation of music-related businesses due largely to the negative industry-wide effects of piracy.
Net loss
We recognized a net loss of $1.353 billion for the year ended November 30, 2003, compared to a net loss of $6.026 billion for the year ended November 30, 2002. As described more fully above, the lower loss in 2003 principally related to the absence of a $4.796 billion impairment charge recognized in 2002 and reflected as a cumulative effect of an accounting change in connection with the initial adoption of FAS 142.
at people thinking 2006 was in the green due to an album or tour. 