Universal Music Group Q3 Down
November 8, 2006 at 8:50 AM (PT)
BRITISH website NEW MEDIA AGE reports UNIVERSAL MUSIC GROUP's third-quarter revenues fell by 2.1% despite digital sales increasing by 88% on the same period last year.
The figures for the three months to OCTOBER 31 saw total revenue at the world's largest record company hit £734m, including the previously announced £324m received as part of its settlement with NAPSTER. Digital remains the fastest-growing area of UNIVERSAL's business, generating revenues of £84m, representing an 11.5% share of the company's total revenue.