9:53am Thursday 2nd September 2010
THE success of pop divas Lady Gaga, pictured, and Florence and the Machine failed to prevent falling half-year revenues at record label Universal Music.
Sales at Universal Music Group dropped 5.4 per cent in the first six months of the year, according to interim results from its French parent Vivendi.
Artists signed to Universal also include the Black Eyed Peas, Eminem and teen idol Justin Bieber. It will release albums later this year by Welsh singer Duffy, Mariah Carey and Kanye West.
Universal’s results did not prevent Vivendi seeing a four per cent interim hike in its net profit to £1.26bn, with overall revenues of £11.6bn, up 6.1 per cent year on year.
Vivendi, which includes French TV channel Canal+ in its empire, said Universal Music revenues were hit by fewer releases and the ongoing decline in demand for CDs as digital sales and downloading take over.
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