Japan's Columbia Music Reports ¥745 million Loss.

Japan's oldest record label Columbia Music Entertainment (CME) recorded a consolidated net loss of ¥745 million ($6.5 million) in the year ending March 31, 2004, compared with ¥1.2 billion (

Japan's oldest record label Columbia Music Entertainment (CME) recorded a consolidated net loss of ¥745 million ($6.5 million) in the year ending March 31, 2004, compared with ¥1.2 billion ($11 million) the previous year.

The Tokyo-based label, formerly known as Nippon Columbia, reports consolidated sales totalled ¥31.2 billion ($273.5 million), up 4.5% year-on-year.

"Because of the increase in the percentage of third-party production and distribution business--the profit margins of which are smaller than those of the company's in-house A&R business--the company's profits declined," said CME in a statement. CME said the biggest single factor affecting its results was "disappointing" sales of domestic pop titles in the first quarter.
THE BILLBOARD BIZ
SUBSCRIBER EXPERIENCE

The Biz premium subscriber content has moved to Billboard.com/business.


To simplify subscriber access, we have temporarily disabled the password requirement.