Vivendi CEO: ‘Worst is Over’ For Music Biz

The head of Vivendi say that he expects his Universal Music Group division to grow because the worst is over for the recorded music business, Wired is reporting, after the label posted a five percent revenue gain for the first half of 2008.

“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,” Jean Bernard Lévy told the Financial Times. “I really believe we are at the turning point for the music industry and I didn’t say that two years ago.

“There is a strong likelihood that we are getting close to the lowest part of the cycle,” he said, “and we are extremely active in developing new business models, new sources of revenues.” The report listed opportunities such as those on unlimited music devices and networks, including Nokia Comes With Music and MySpace Music, which offer a large library of music for free or as part of another purchase.

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