The Orchard: Still Searching for the Fruits of Profitability…
Can the Orchard ever turn the corner on profitability? Despite record-setting revenues during the recent quarter, the company is still showing losses. And, continued layoffs and cost-cutting, a pare-down that helped reduce the bleeding. During the period, the company shed $0.4 million, better than a year-ago deficit of $1.1 million Revenues grew 16 percent to $17.8 million.
Cost-Cutting + More Digital = Less Losses at Warner Music…
Hardly a case of soaring financial excess, though Warner Music Group managed to narrow its quarterly losses and beat Wall Street expectations. And, in this market, that is probably as good as it gets.
Terra Firma Seeking Investors’ OK on $159M More for EMI
Terra Firma, the private equity firm that owns major record label EMI, has secured “verbal commitments” from investors to cover a loan payment due to Citigroup, but needs the vote of 75% of its 200 investors in order to prevent a possible takeover by the lender who helped finance its acquisition of EMI, the Times Online reports.
$17 Billion: What the Global Recording Industry Is Worth Today…
The banks of the recording industry continued to erode in 2009, according to the latest data from the IFPI. The global trade group noted that ‘trade revenues’ declined 7.2 percent last year to $17.03 billion, while physical assets tanked another 12.7 percent to $11.93 billion. The figures were disclosed in the annual ‘Recording Industry In Numbers’ report.
MXP4 Nabs $4 Million for Digital Music Marketing, Distribution…
MXP4, a provider of digital music marketing and distribution services, announced on Thursday that it has raised $4 million in a new round of financing, led by Orkos Capital.
Those Curiously Strong Music Retail Stocks…
Wall Street was flat overall on Wednesday, despite a nice bump from Apple and other overachievers. After posting stellar earnings, AAPL bumped 5.98 percent to $259.22, a once-unthinkable high.
EMI Bailout Request Now Reportedly at 360 Million Pounds…
Terra Firma chief Guy Hands is now requesting a cool 360 million pounds ($553.7 million) from investors, at least according to the latest from Bloomberg. The amount would potentially keep the wolves at bay until 2015, and avoid relinquishing the property to lender Citigroup. Terra Firma is currently tussling through a contentious lawsuit with the mega-bank, and breached covenants could [...]
Satellite Radio Firm Sirius XM Reports Subscriber Turnaround
Satellite radio broadcaster Sirius XM (NASD: SIRI) said on Wednesday that it added more than 171,000 net subscribers during the first quarter, compared with a net decline of more than 404,000 the prior year.
Dashboard Deliverance: Sirius Welcomes Recovering Auto Sales…
A see-sawing Sirius XM is suddenly seeing some positive news. According to the latest data from Autodata Corp., North American automobile sales seriously rebounded in March. In the US, sales recovered a noticeable 24 percent, albeit from a distressed 2009.