WMG BACK IN THE GAME
Economic Indicators Make The Sexiest Headlines!
Warner Music Group, under relatively newly crowned leader roger ames',390,400);">roger ames',390,400);">Roger Ames, has begun its turnaround, as the music entity's labels have five albums in the nation's top 10.
In addition, Atlantic Records, a division within WMG, released Lil' Kim's "The Notorious KIM" on Tuesday (6/27), which will undoubtedly debut in the Top 10 as well.
According to financial analyst Merrill Lynch, "Warner Music has begun to improve operating trends with a strengthened release schedule and greater product carryover."
The company estimates WMG's domestic marketshare at 14% of the top 50 albums, ranking fourth behind UMG, BMG and Sony. Even so, Merrill Lynch said it estimates first quarter EBITA will increase 12% to $110 million vs. $98 million last year.
Artists like Kid Rock, matchbox twenty, Don Henley, Faith Hill and Red Hot Chili Peppers drove results in the quarter.
The recent release of "Riding With The King," by Eric Clapton and B.B. King, as well as albums by Busta Rhymes and Kim will provide growth going forward, the financial advisor said.
The music group currently holds five spots in the top 10 by such acts as the Deftones, Rhymes, Clapton, Rock and matchbox twenty.
