Universal Music Group has announced their earnings for the first quarter of 2013, and the results are largely positive.
UMG’s revenues increased by 13.5% compared to revenues from 2012′s first quarter. The reasons for the increase stem largely from the success of the EMI labels. It is worth noting that 54% of the company’s recorded music sales came from digital sales, up from 46% last year. Best sellers so far included the usuals such as Rihanna, Lil Wayne, and Justin Bieber.
“Confronted with a very challenging economic environment, VIVENDI’s subsidiaries are implementing the necessary adaptation measures,” the company offered in a statement. “Consequently, first quarter 2013 results are in line with our outlook and enable us to confirm our annual guidance across all the Group’s businesses.”
Via All Access & AlLindstrom