Release schedule, decline in market cited.
Sony BMG's net loss widened in its fiscal first quarter, a stumble it attributes to a change in release timing for a number of unspecified "key" albums that have been pushed back into the second half of the year.
For the three months ended June 30, the music major's net loss expanded to $81 million, compared to a net loss of $18 million in the first quarter a year ago. Revenues fell 14% year-over-year to $872 million—a drop of $147 million. Restructuring charges totaled $47 million.
The company also cites “the continued decline in the overall market” as a contributing factor to its performance.
Mirroring Sony BMG's woes, Sony Corp. reported a steeper equity in net loss from its share of the recorded music joint venture--¥4.6 billion ($40 million) vs. ¥1 billion ($8.5 million) a year ago.
Sony BMG’s results were announced in connection with Sony Corp.'s first quarter earnings.