Japan's Avex Group Holdings has issued its financial report for the first quarter (April 1 to June 30, 2009), which showed revenues up by 2.1% compared with the same quarter last year.
In the first quarter of this fiscal year, total revenue from sales came to 25.7 billion yen ($267 million) as compared 25.2 billion yen ($237.3 million at June 30, 2008 rate) for the same quarter last year.
However, due to substantial investment in its new mobile TV venture, Bee TV, Avex's losses for the quarter widened in a year-on-year comparison. Avex registered an after-tax loss of 1.6 billion yen ($16.6 million) this quarter as compared with 560 million yen ($5.3 million at June 30, 2008 rate) in the same quarter last year.
As previously reported, Avex had the largest market share - 16.1% - of physical music sales in Japan last calendar year according to Soundscan Japan (Billboard.biz, Feb. 4, 2009).