As much we like to joke about the new music economy stripping rappers of their fourth Bentley and downgrading their 60-inch plasmas to 42-inchers, Warner Music actually did take a hard beating this past quarter, losing almost $7 million in profit versus last year's—more than half, for a take of $5 million. While profits were down, digital sales shot up 25 percent to pull in $130 million, though that didn't particularly mollify the industry-wide 14 percent plunge in CD sales this year. Raise your hand if you're shocked, shocked.
To go all Energizer bunny and keep beating the drum, the only way they're going to right the ship to continuing sailing on oceans of green is take their own CEO's diatribe on the piss-poor state of the industry to heart. His past remarks show he's clearly less clueless than the CEO of the largest record label, and he's managed to keep Warner as the only Big Four label still publicly traded.
On the other hand, for all his acuity, perhaps what he really needs is some common sense and maybe some face-time with us common folk consumers who just wanna be able to buy his product with reasonable terms (no DRM) at decent prices. [Yahoo!/Reuters, Flickr]