Monday, April 15, 2024

Warner Music Losses Are 3 Times Worse Than Last Year: $184 Million

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This time last year, Warner Music lost $62 million for the quarter ending June 30, 2013. Today they announced a whopping loss of $184 million for the quarter ending June 30, 2014.

Yikes.

Edgar Bronfman and Lyor Cohen left a shell of a company behind for Russian billionaire Len Blavatnik. But under new management, Warner has really struggled. True, this week they have the number 1 album in Tom Petty’s latest release. But nothing else is happening. Even Atlantic, which was a leader for years within the company, has slacked off.

Biggest problem is that Warner lacks signature acts and new acts. It’s not for lack of trying. I get press releases constantly from their PR office. But the hits aren’t there. And radio isn’t playing their records. Eric Clapton is gone. Groups like Linkin Park and Red Hot Chili Peppers are worn out.

So what to do? Warner Music needs either to pony up and either build up some new artists, or buy a couple of players. Otherwise, they’re going to be in big trouble. Maybe some recent changes at Rhino-Atlantic will energize the catalog department.

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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