SANTA MONICA, CA (VIP NEWS) — Universal Music Group today reported 88 million euros in earnings before interest, taxes, depreciation and amortization on revenues of 961 million euros in its quarterly earnings report.
That's up slightly from the 86 million euros in EBITDA posted in the second quarter of the prior year, when revenues were 982 million euros.
For the first half of the year, UMG reported 156 million euros in EBIDA on revenues of 1.9 billion Euros. That represented an 18.2% increase from the 132 million in EBITDA reported in the first half of 2011.
In its earnings press release, the company said that its revenues were boosted by releases from "Justin Bieber, Madonna, Nicki Minaj and Les Enfoirés bolstered by the breakthrough success of new artists such as Lana Del Rey and Gotye."
The company also said it had enjoyed increased music publishing revenues and improved recorded music sales in North America and noted that an 8.9% increase in digital sales and higher license income almost offset the falling demand for physical product and lower merchandising revenues.
The company also said that UMG sales in the second half of 2012 will be boosted by new album releases from the Killers, No Doubt, Robbie Williams, Rolling Stones, Taylor Swift, Florent Pagny, Girls Generation, Diana Krall, Eros Ramazzotti and Alejandro Sanz.
Meanwhile, Vivendi, UMG's parent company, reported adjusted net income of 706 million Euros on revenues of 6.97 billion euros, for the quarter ended June 30. That represented a 20.1% decline from the adjusted net income of 884 million euros posted in the second quarter of the prior year, when revenues were nearly 7.1 billion euros.
The only insight the conglomorate gave about its still pending acquisition of EMI Music was to note that approval had been received from Japan, New Zealand, and Canada. –According to Billboard.com