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Business News Labels & Publishers
Universal revenues and profits down
By CMU Editorial | Published on Wednesday 12 May 2010
Universal Music’s revenues were down 13.4% to 889 million euros, and profits were down 38.2% to 68 million euros, in the first quarter of the current financial year. Even digital revenue was down, 1.7%. Bosses say that weak record sales in Europe and Asia were to blame. Could it be that even the mighty Universal is now feeling the real bite of the ever declining record industry?
Phillippe Capron, CFO of parent company Vivendi, told investors that the major continued to adapt and review its digital operations, and also talked up Vevo, the major’s US-based ad-funded video-providing web JV with Sony Music, which he reckoned is doing rather well.
On the up side, Vivendi itself had a rather good first quarter, thanks in the main to the good performance of its gaming division Activision Blizzard and its French mobile network SFR.
