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UMG’s biggest sellers this quarter were led by the soundtrack from Les Misérables, new releases from Rihanna, Bon Jovi, Justin Bieber, Lil Wayne, Emeli Sandé, Andrea Bocelli and a compilation of songs by 2013 Grammy Award-winning artists.

VIVENDI, WMG ANNOUNCE
Q1, Q2 EARNINGS

UMG’s Q1 Revenues up 13.5%, WMG’s Q2 up 8%, with Digital Increasing 20%
Maybe things are turning around in the music industry.

Both Vivendi’s Universal Music Group and Access IndustriesWarner Music Group released their Q1 and Q2 revenue reports this morning, and they were both in the black…if barely.

Vivendi’s Q1 revenues remained stable, while its net income dropped 18.5% to 672 million euros from 825 million euros a year earlier, which the company attributed to a decrease in EBITA.

Lucian Grainge’s UMG’s revenues came in at €1,091 million, up 13.5% compared to Q1 2012 (+15.5% at constant currency). Those figures were bolstered by better-than-expected results from EMI labels, partially offset by lower revenues in Japan as well as the disposal of the company's VE/Fontana activities in 2012.

The music industry’s largest label also reported in its earnings that its income from digital sales continued to rise, representing 54% of recorded music sales compared to 46% in first quarter 2012.

UMG’s biggest sellers this quarter were led by the soundtrack from Les Misérables, new releases from Rihanna, Bon Jovi, Justin Bieber, Lil Wayne, Emeli Sandé, Andrea Bocelli and a compilation of songs by 2013 Grammy Award-winning artists.

Meanwhile, Len Blavatnik's WMG saw gains of 8% in total revenue (9.6% in constant currency) year-to-year in Q2 (from $623 million to $675 million), as well as a 20% gain in digital revenue (from $235 million to $281 million), which now represents 41.6% of the total, as compared to 37.7% in the prior year quarter. The music company’s operating income was up 159% (from $22 million to $57 million), while net income was $2 million, up from last year’s $36 million loss.

The Recorded Music company revenue was up 11% (from $449 million to $554 million), with digital revenue up 18% (from $222 million to $262 million), while operating income rose 475% from $8 million to $46 million.

In music publishing, Warner/Chappell was basically flat in revenue at $127 million, with operating income up 6% from $35 million to $37 million for the quarter.

The entire group boasts $294 million in cash, which allowed it to pay down $102.5 million of its outstanding long-term debt of over $2.211 billion after last November’s refinancing, bringing its interest expenses down to $49 million from $56 million.

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