UMG Revenue Down In Second Quarter

UMG Revenue Down In Second Quarter

UMG Revenue Down In Second Quarter
Universal Music Group
has reported revenue of $1.42 billion for the second quarter of 2011, down 2.9 percent compared to the first quarter and a slight improvement from the same period last year. Revenue for the first six months of 2011 dropped 1.9 percent to $2.7 billion and EBITA (earnings before interest, taxes and amortization) was down 17 percent, a notable improvement from the first six months of 2010 when revenue was down 5.4 percent and EBITA was down 24.6 percent. Digital recorded music sales were up 13.5 percent for the first half of 2011. The company attributes the improvement in part to strong releases by Lady Gaga, Jennifer Lopez and Rihanna, the LimeWire settlement in March and the recent increase in U.S. recorded music sales. (9/1)

Music Start-ups Receive $24.3 Million From Investors In August
Investors contributed a total of $24.3 million to music startups during August, up from $14.5 million in July, bringing the year-to-date investor total to $437.3 million, according to a Digital Music News report. RootMusic received the most investor capital in August with $16 million, followed by Roku ($8 million) and FanRank ($320,000). Online streaming service Spotify secured $100 million in June, the highest total of investor funding for a music start-up in 2011 to date. (9/1)

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