Universal Music Group Reports A 2.1% Increase In Revenues
February 26, 2013 at 12:28 PM (PT)
UNIVERSAL MUSIC GROUP's parent company VIVENDI has reported its financials for the first three quarters of 2012. The highlights:
* Revenues: eu20.751 billion, down 1.3% compared to first nine months of 2011.
* EBITA: eu4.331 billion, down 11.0% compared to first nine months of 2011. Q3 EBITA down 7.3%.
* Adjusted Net Income: eu2.194 billion, down 12.9% compared to first nine months of 2011.
* 2012 Adjusted Net Income outlook improved to around eu2.7 billion, versus above eu2.5 billion expected.
Universal Music Group
UMG's revenues were eu2,903 million, a 2.1% increase compared to the first nine months of 2011. The company reported "Revenues were down 3.4% at constant currency with an 8.6% increase in digital sales and higher license income offset by falling demand for physical product.
UMG's EBITA of eu238 million was down 2.5% (-5.0% at constant currency) compared to the first nine months of 2011.
Recorded music best sellers included new releases from JUSTIN BIEBER, MAROON 5 and NICKI MINAJ, as well as the breakthrough successes of such new artists as LANA DEL REY, CARLY RAE JEPSEN and GOTYE. Releases for the remainder of the year include highly-anticipated albums from TAYLOR SWIFT, ROD STEWART, RIHANNA, THE ROLLING STONES and NE-YO, among many others.
VIVENDI noted, "The acquisition of EMI RECORDED MUSIC was completed on SEPTEMBER 28th, 2012. As a result of this strategically-compelling transaction, UMG further strengthens its presence throughout the world, especially in the UNITED STATES, JAPAN and GERMANY -- the top three leading international music markets. This acquisition also creates even more opportunities for new and established artists, while expanding UMG's presence on all of the major digital music platforms and services. Moreover, 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. The objective of £100 million annual synergies has been maintained."