UMG Revenue Down In First Quarter

UMG Revenue Down In First Quarter
Universal Music Group has reported revenue of $1.1 billion for first quarter, down 13.4 percent compared to the same period last year, and a 38.2 percent drop in EBITA to $86 million. Digital sales for the year also decreased 1.7 percent. The company blames the decline on the fall of recorded music sales in Europe and Asia. (5/12)

UMG, WMG Settle Suit Against Project Playlist
Project Playlist has settled copyright infringement lawsuits against it by Universal Music Group and Warner Music Group, permitting the online music service to offer its online playlist service to the public. The lawsuit was originally filed by nine major record labels in April 2008. Project Playlist has since agreed to licensing deals with EMI Music Publishing, Sony/ATV Music Publishing and Sony Music Entertainment. (5/12)

Ticketfly Raises $3 Million In Funding
, an independent ticketing company founded in 2008, has secured $3 million in Series A funding and plans to sell 1 million tickets in 2010, according to the company. Ticketfly says it will use acquired investments to build a social marketing platform to serve venues and promoters. Investors include Contour Venture Partners, High Peaks Venture Partners and NYC Seed, among others. New clients include the Glass House in Pomona, Calif.; the Rickshaw Stop in San Francisco; the Social in Orlando, Fla.; and the Troubadour in West Hollywood, Calif. (5/12)

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