Revenue At Universal Music Drops Another 2.9%
In the third quarter of 2011, Universal Music Group revenues stood at €2,842 million ($3,826 million USD) , a 2.9% decrease compared to the same period in 2010 (-1.1% at constant currency). A 11.3% increase in digital sales (+13.9% at constant currency) and higher license income only partly offset the continued decline in CD sales. More UMG earnings highlights:
- UMG’s EBITA was €244 million, stable compared to the first nine months of 2010 (+1.6% at constant currency).
- Operating cost savings offset restructuring charges associated with the company’s reorganization plan.
- Upcoming releases include new titles from Rihanna, Justin Bieber, Florence & the Machine, Drake, Kara, Louise Attaque, Andrea Bocelli and Mary J Blige,
- On November 11, Vivendi and UMG announced that they have signed with Citigroup a definitive agreement to purchase EMI’s recorded music division.