Warner Music Group Loses A Whole Lot Of Money

Warner Music Group is losing a lot of money, according to Reuters. The company said in a statement:

“This (revenue) decline was driven by a challenging recorded music industry environment as the shift in consumption patterns from physical sales to new forms of digital music continues,” the company said in a statement. “Declines in our physical … revenue were only partially offset by increases in music publishing and digital recorded music revenue.”

So, shoppers, why is that? Crappy music? DRM? Is music too expensive? Do you not enjoy music anymore? Are you broke? Are you buying games for the Wii instead of a CD? Are you a bunch of pirates? Avast.

Solve this mystery for us, we’re all ears.

UPDATE 1-Warner Music quarterly loss widens [Reuters]
Warner Music Group Corp. Reports Third-Quarter Results For The Period Ended June 30, 2007 [WMG]