Universal Music earnings slip year on year
By CMU Editorial | Published on Thursday 15 November 2012
Universal Music saw pre-tax/interest earnings slip 2.5% for the first nine months of 2012, compared to 2011, according to the latest financial update from the mega-major’s parent company Vivendi.
Revenues were up 2.1% to 2.9 billion euros, with an 8.6% increase in digital sales, but profits were down overall. Universal’s financials for the first three quarters of 2012 do not include any figures from its recent acquisition, EMI Music, because that deal only closed on 28 Sep.
Elsewhere in the Vivendi financial report, it was revealed that new records from Justin Bieber, Maroon 5, Nicki Minaj, Lana Del Rey and Carly Rae Jepsen were amongst Universal Music’s best sellers.
While on the EMI takeover, the French conglom confirmed Universal management still planned to find £100 million in savings at the combined Universal/EMI, while on the ongoing sale of those European assets the mega-major was forced to sell by regulators investigating the EMI deal, the Vivendi statement said: “The sale process of certain EMI recorded music assets is underway, and these divestments are generating robust interest. Team integration is also progressing according to plan”.