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All that plastic was supposed to save the music industry! Instead, it's now melting down the balance sheets of companies like Viacom...
According to financial details just shared, the ill-fated acquisition of Rock Band creator Harmonix Music Systems cost the media conglom another $383 million last quarter. That in turn contributed to a 65 percent decline in net income for the period (complete SEC financial filing here). Viacom still reported profits of $212 million, and broader advertising revenues were also softer during the period.
About the point (in 2009) when things went south.
But wait: isn't this game cooked, at least as far as Viacom is concerned? After all, the acquisition was 'handed back' in 2010, after a 2009 meltdown in rhythmic gaming that featured too many titles, the Great Recession, and bored gamers.
Well, the answer is 'not exactly,' thanks to some heavy corporate acquisition baggage. This is another long story, though after selling the company back to its founders, Viacom was successfully sued for not paying on certain performance benchmarks.
Viacom is appealing the charge, though they've preemptively categorized the charge as a loss.
Comments Closed
Epic Friday, February 03, 2012
:facepalm:
HypeMonsters Friday, February 03, 2012
God forbid all those millions of $$$ get invested directly in real musicians...
Noooo...we don't want that, let's keep on throwing money at the black hole also known as Wall Street.
Nate Friday, February 03, 2012
I'm not surprised. I remember trying to get some bands I work with on there because the rock band community was begging for us to go on there. I did a lot of research and found out that the artist/label doesn't get jack shit in the end. I believe Microsoft live took 30%, Harmonix took 30%, and ome other publisher took a percentage. Basically there was 25% left over, and oh yea, we had to pay to get the track authored which costs about 500 dollars per track. The end result is they only got bands who just wanted to be on rock band instead of serious bands who were looking for actual revenue. OF course they had good bands on their discs, but those were authored by Harmonix themselves and had much better percentages.
Spoken X Digital Media Group Tuesday, February 07, 2012
A deal is a deal ! But let's get back to the basics of publishing music from everyone inside the business ranging from the top ten on through for the obscure longtail. Forget about all of these fancy idea--fads. Let's move back to the basics when we get to the table: ' I got the publishing product and you got the platform-- connectivity to the hardware consumer electronic technology. Let's agree to the licensing terms and condition and I'll worry about the revenue share opportunity afforded to the artist between their legal entities and mine. . .
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