HMV’s live music strategy hits share prices

HMV Group's much publicised move into organising live music events has not lived up to expectations, raising questions about its strategy in moving away from selling music and books.

Attendance figures for its inaugural 'High Voltage' festival, held in London's Victoria park in July, were disappointing, even though the main stage boasted the likes of ZZ Top and Foreigner.

The move is part of a broader strategy at HMV to diversify into live music. But it hasn't strengthened trading in the HMV group: shares slid 7.5p (11.3 per-cent) in early trading on Thursday.

Poor results from the push into live music are compounded by unsatisfactory sales declines at its HMV chain of music stores which have seen like-for-like sales drop 15 per cent on last year in the 19 weeks leading up to September.

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