Bruno Mars, Wiz Khalifa Help Boost Warner Music Revenue

The label sees a slight increse in profit.

Posted: 08/04/2011 07:40 PM EDT
Filed Under Bruno Mars, Wiz Khalifa

Bruno Mars Wiz Khalifa

Warner Music Group could be showing signs of life after a few challenging years. The label posted significantly narrower losses this quarter than at the same time in 2010.

The company, which recently became privately owned after a massive sale to Access Industries, was boosted by a $12 million legal victory against LimeWire and high-performing projects by Wiz Khalifa (Rolling Papers) and Bruno Mars (Doo-Wops & Hooligans).

Last year, Warner Music Group lost $55 million in the third fiscal quarter, while this year things tapered down to a $46 million loss, according to a company conference call. The music conglomerate increased revenue by 6 percent to $686 million, though when controlled for inflation, that number represents a slight decrease year over year.

(Photos: Jim Dyson/Getty Images; Frank Micelotta/PictureGroup)

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