Universal Music Group’s Q1 revenues were $1.1 billion, down 13.4% year-on-year, largely due to the ongoing fall in recorded music sales. This, despite strong sales from UMG artists Lady Gaga, Black Eyed Peas and Justin Bieber. More worryingly, the company reported a 1.7% decline in digital sales (at constant currency), which it put down to weak ringtone sales. “This is going to be a tough, challenging industry for a few more years,” said Vivendi CFO Phillippe Capron in UMG’s parent company’s earnings call. Source: FMQB
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