Remember Rock Band?

No Comments 6 February 2012

Remember Rock Band?

All that plastic was supposed to save the music industry! Instead, it’s now melting down the balance sheets of companies like Viacom.

According to financial details just shared, the ill-fated acquisition of Rock Band creator Harmonix Music Systems cost the media conglom another $383 million last quarter.  That in turn contributed to a 65 percent decline in net income for the period (complete SEC financial filing here).  Viacom still reported profits of $212 million, and broader advertising revenues were also softer during the period.

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