Live music fails to put a spring in HMV's step

Published on Wednesday 8 September 2010 22:36

HMV'S push into live music failed to revive the group's performance through the summer months as the World Cup siphoned off interest in shopping for music, books and video games.

The owner of the HMV and Waterstone's chains reported a worse-than-expected 10.6 per cent decline in group like-for-like sales during the 19 weeks to the start of September. This included a 14.9 per cent plunge in Britain and Ireland.

Those figures did not include contributions from HMV Live, the music event arm formed following the purchase late last year of Mama Group. Chief executive Simon Fox admitted HMV had set its sights too high for its new High Voltage Festival, which launched in London in July but suffered low attendances.

There was further bad news as HMV announced the departure of long-serving finance director Neil Bright in December.