VU reported a net income of €131 million ($156.9 million) for Q3, compared with a loss of €1.23 billion in the year-earlier quarter. Revenue dropped 59% to €5.9 billion from €14.55 billion compared with a year ago, because Vivendi has started selling off a lot of its properties.
In the news that means something to you, Universal Music Group posted a sharp decline in both operating profits and revenues. The division reported a profit in Q3 of €4 million, compared to a profit of €16 million last year. This was attributed to an impact on margins because of lower sales and a higher proportion of distributed labels and joint activity, though there were lower costs in marketing and overhead. Revenue for the music group was reported at €1,115 million.
For the first nine months of the year, UMG reported operating losses of €38 million, based on revenue decline, restructuring costs, and one-time income from asset sales in 2002, offset by reductions in marketing and catalogue amortization expenses.
The official rundown included that UMG is in the process of cost-cutting initiatives that include reducing prices, noting that the pricing changes is “necessary for the long term health of the industry,” though it may have a negative impact on the near-term results. Those same cost-cutting measures “take into account the realities of the declining music market.”
Ah, good times.
THE MUSIC OF CLIVE COMES ALIVE AT CARNEGIE HALL
That's what friends are for. (5/1a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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