CMU Daily reports that the Warner Music Group released its latest financials yesterday and revealed losses of $16million.

CMU Daily reports that the Warner Music Group released its latest financials yesterday and revealed losses of $16million.

Ironically, as the major record companies are looking to branch into live music as a way of overcoming declining record sales, Warner's misfortune came from an unsuccessful investment in live music. The major's recordings divisions actually did well especially in the US where revenues were up 10.5% despite a 14.6% decline in album sales last year. The loss was caused by $18million haemorrhaged by an unsuccessful attempt to enter the live music space by acquiring US based concert promoters Bulldog Entertainment which the major decided to close down before losses got further out of control.