Vivendi Earnings Up With UMG Posting a 31.8% Rise In Q3
November 18, 2011 at 3:48 AM (PT)
UNIVERSAL MUSIC GROUP celebrated good news as parent company VIVENDI SA reported its Q3 financials YESTERDAY (11/17). UMG reported earnings were up 31.8% to eu112 million. Revenues were down 4.7% to eu979 million, "although this represented a 0.7% increase when currency fluctuations are stripped out," noted U.K.'s THE GUARDIAN. UMG posted 0.6% year-on-year revenue growth on a constant currency basis.
UBS analyst POLO TANG told THE GUARDIAN that UNIVERSAL MUSIC's performance "suggests the market may be reaching an inflection point after a decade of decline".
TUESDAY (NET NEWS 11/15) ALL ACCESS reported music sales were rebounding in 2011.
Last FRIDAY (NET NEWS 11/11), UNIVERSAL MUSIC finalized a $1.9 billion deal to buy the recorded music division of EMI.