“Vivendi SA said Wednesday that its Universal Music Group, the world’s largest music provider, saw revenue dip 3.1% in the fourth quarter, as declining sales of physical albums took a toll on results,” David B. Wilkerson reports for MarketWatch.
“In the quarter, the Vivendi unit said revenue fell to 1.61 billion euros ($2.38 billion) from 1.66 billion euros ($2.45 billion) in the year-earlier quarter,” Wilkerson reports. “Excluding the acquisitions of BMGP and Sanctuary and at constant currency, revenue dropped 5%.”
“Digital sales jumped 54% to 188 million euros ($278.2 million), at constant currency, with strong growth in online and mobile phone categories,” Wilkerson reports.
“Since the advent of music file-sharing in the late 1990s, sales of CDs have been on the decline,” Wilkerson reports. “The introduction of Apple Computer Corp.’s [sic] iTunes platform in 2001 sped up the downturn in the CD’s popularity.”
Full article here.
[Thanks to MacDailyNews Reader “Gavin” for the heads up.]