Digital Music News notes:
Warner Music Group (WMG) posted a less-than-stellar quarterly report card this morning … for the three-month period ending June 30th, revenues dipped a mild 2 percent to $804 million, from $822 million during the year-ago quarter.
Regarding EMI, they say:
EMI Group Plc experienced a difficult fiscal first quarter, one dragged by pronounced CD sales declines. The company disclosed broader revenue drops of 5.1 percent during the three-month period ending June 30th, and a near-20 percent decline in physical assets.
However, Warner saw a 26% increase in digital sales, while EMI’s digital revenues “jumped 29% to $119 million”. So this is basically the same old news. Sales of physical assets (such as CDs) continue to decline while digital sales continue to rise. Unfortunately, the decline in physical sales is continuing to pull the industry down. Fast.
These guys need to figure something out. Soon.