The Daily Swarm - Vivendi chief thinks Universal has bottomed out: 'I really believe we are at the turning point for the music industry'

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September 17, 2008

Vivendi chief thinks Universal has bottomed out: 'I really believe we are at the turning point for the music industry'

Mr Lévy said that Universal, which in July reported first-half revenues up 5 per cent at €2bn ($3.1bn) out of Vivendi’s sales of €11.3bn ($17.6bn), “is the next surprise for our investors”.

He said: “I think [in] the music business, there is a strong likelihood that we are getting close to the lowest part of the cycle and we are extremely active in developing new business models, new sources of revenues.

“We are working with all the big names in the field of internet, in the field of telecom equipment companies, big media companies and this is a big opportunity.”

He said Universal had emerged from the downside of the market as a clear leader of an industry that would soon be able to claim it had “reinvented a new era for the music business”.

“I really believe we are at the turning point for the music industry and I didn’t say that two years ago.”