Sales at SonyBMG dropped almost 4% in the fiscal year that ended March 31st, but before tax profits nearly doubled rising from $135 million to $257 million. The company report also hinted that higher restructuring costs and more job cuts ahead.
The NY Post is making its usual doom and gloom predictions based on a few facts wrapped on a bunch of rumors. What is clear is that Sony BMG and the other three major label groups are desperately trying to find new structures that are both profitable and designed to fit new industry realities. Thus far, however, none of the big four have offered any grand plans beyond cost cutting.
Early next week Hypebot will offer Sony BMG, Universal, EMI and WMG a few suggestions. Until then: What drastic moves and bold initiatives do you think the four remaining majors need to embrace?