Sony BMG Loses $57 Million During Second Quarter 2008
Sony BMG has recorded losses of $57 million during the recent, fiscal second quarter. The figure shows a major decline from the same period last year, which logged in at $8 million. Revenues at the label group dropped 11% to $762 million for the period ending September 30th.
The free fall was blamed on “the continued decline in the worldwide physical music market,” which is “not being offset by growth in digital product sales.”