MTV parent company Viacom has revealed declines across the board for Q2 2009, with the losses in its media department pinned squarely on lower-than-expected sales of music series Rock Band.
Revenues at Viacom's Media Networks division decreased by eight per cent to $1.97bn – a figure principally due” to a 41 per cent decline in ancillary revenues driven by lower sales of the music video game Rock Band”. Operating income at the division fell by 12 per cent.
Viacom blamed the fall in sales on the soft retail environment”.
The company's overall Q2 2009 results saw revenues fall by 14 per cent to $3.3bn. Operating income was $586m, 26 per cent down on the same period in the year before. Net earnings declined 32 per cent, finishing at $277m.
As the leading pure-play content company, Viacom has the right portfolio of assets and the right vision to manage through this challenging climate while we continue to position ourselves for future growth,” Viacom's executive chairman Sumner Redstone added.