Warner Music Group reported Q4 earnings results as well as for the full year ended September 30, 2011. For the quarter, revenue fell 6% to $707 million driven by lower physical sales, a light release schedule, and the continued transition to digital in the recorded music industry. Digital revenue was 29.7% of total revenue, up from 26.2% in prior-year quarter. For the full year, revenue was down 4% to $2.9 billion. The company said this loss is attributed not only to lower physical sales but also the impact of the increase in interest expense related to a July 2011 refinancing of certain indebtedness in connection with the acquisition of the company by Access Industries. Stephen Cooper, Warner Music Group's CEO said, "In the quarter and throughout the fiscal year, WMG continued to perform. The company grew digital and '360' revenue, executed on its strategy of establishing more comprehensive artist partnerships and continued to position itself well for the opportunities that exist in the rapidly evolving recorded music and music publishing industries."