A flood of red ink continues to threaten to swamp most of the major recording companies. The exception appears to be Universal Music Group, the largest of the majors.
Last week, UMG said that revenue grew by 3.5 percent in the first nine months of 2008 on a constant currency basis to $3.97 billion. Compare this with some of UMG's rivals. Warner Music Group reported a $9 million net loss for the third quarter. At EMI, in the first year with new owner Terra Firma guiding the label, it has lost more than $1 billion.
So what'… Read more