HMV expands digital arm despite fall in sales
HMV expands digital arm despite fall in sales
Thursday 3rd September 2009
Having announced a drop in sales, music retailer HMV has announced it has bought half of online music seller 7digital.The high street store, which recently moved into the live music and ticketing markets, is to pay £7.7 million for a 50 per cent stake in 7digital.
The digital firm will now become HMV's supplier for all of its online operations, as well as an upcoming e-books website for the store's Waterstone's brand.
The purchase of a 7digital stake will also give HMV access to a catalogue of more than six million digital music tracks.
"With consumer adoption of legal digital media now reaching the mass market, this joint venture partnership is great news for our customers and suppliers," commented Ben Drury, founder and head of 7digital.
The announcement came as HMV confirmed its like-for-like sales in the five countries in which it operates had fallen by 1.8 per cent in the 18 weeks to August 29th.
Music and video sales have risen by 1.7 per cent in the retailer's key British and Irish markets, however.
HMV chief executive Simon Fox said in a statement: "In a tough consumer environment, the group has made a solid start to the new financial year."
He added the company was in "good shape" for the Christmas period.
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