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February 20, 2006 ../ Warner Doubles Digital Download SalesWarner Music Group announced their fiscal first-quarter earnings rose 92% due to exploding digital music sales and aggressive cost cutting. Digital downloads accounted for $69 million, up from $25 million a year earlier. Revenue from CDs dropped another 2% to $920 million, however net income rose to $69 million, up from $36 million.Warner's earnings report came, as some needed good news to the company, which had soft holiday sales and is the subject of two different legal battles. Virgin Megastores reported that overall music sales were down almost 20% over the holidays, and other major music outlets stated close the same figures. Warner faired better with Green Day's American Idiot still pulling in significant numbers and releases by Madonna and James Blunt, as well as a few solid rap hits. Eliot Spitzer, New York Attorney General, has requested information from Warner in a ramp up to his price fixing investigation in digital music. This new investigation comes on the heels of Spitzer's Payola settlement with Warner last November. Spitzer's sudden interest in price fixing may stem from his personal connections to the Independent label community which has been crying foul for years. From the west coast, comes a class-action lawsuit, which names Warner as part of a conspiracy to fix digital download prices. Edgar Bronfman Jr. is just getting nailed by one obstacle after another in his quest to make Warner the Leanest and Meanest majors. Despite more legal settlements in the future, Bronfman has made a statement with this last earnings report to his detractors. The Future: Warner must navigate turbulent waters in the next year before the chest pounding and backslapping have real meaning. The industry has had very few hits in the past year and Warner rode on Green Day's back for a large portion of 2005. With the retail sales still diving, it's going to take a lot more than $69 million in digital download sales for the company to quell Wall Street's fears.
Copyright © 2006 Futuremusic® All Rights Reserved. |
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 As the name correctly implies, Experiments In Sound, is Futuremusic's latest endeavor for pushing electronic music technology to the very edge of what's possible. Experiments In Sound grew out of Futuremusic's avant-garde events in New York City that featured DJ's taking mixing and live sound reinforcement to a whole new level with the very latest gear and software. Now Experiments In Sound has become The Ultimate Mix Contest...
After the tremendous success of our groundbreaking The Next Big Thing DJ Contest, Futuremusic has decided to once again create a new paradigm...
Futuremusic wants to thank everyone who participated in The Next Big Thing 2004. John Digweed, Beatport, Alienware, M-Audio, Native Instruments, IK Multimedia, PVDJ, PK Graphics, Ableton, The DubHouse, Propellerheads, Technics, FreeFloat, The Church, PCDJ and every DJ who entered this year's event thank you. From the sheer number of quality mixes, we can tell you that dance music is thriving in the United States. The amount of outstanding talent and creativity really blew us away, and every DJ who's putting their heart, mind and soul behind the music is a winner. John Digweed has made his decision and the winner is... Think you got skills?? Then start practicing!
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