Universal Music Group Plans Major Cuts
By: Bruce Houghton
As profits at The Universal Music Group stumbled in the first 9 months of 2010, senior executives promised new cost cutting measures...
... particularly in the U.S.There is very, very significant potential for savings," according to Phillipe Capron, Vivendi's Chief Financial Officer. A lot of fat can be taken out without hurting muscle and bones.
The worlds largest label group just reported earnings before interest tax and amortization of $334 million in the first nine months of 2010. That's down 9.3% from the same period last year and down 14.7% on a constant currency basis. Overall sales slipped 1.7%.
About the Author:
Bruce Houghton is a 25 year music industry veteran who owns booking agency Skyline Music and the tour marketing company Skyline Innovations.
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