Rock Band slump leads to lower Viacom profits

Remember how Rock Band sales declined 67 percent since last year? It looks like the sales slump has taken its toll on Viacom's Media Networks division, which houses MTV Games. According to Gamasutra, the division reported revenues of $1.97 billion in its fiscal quarter ending June 30, an 8 percent drop, dubbed the result of "a 41 percent decline in ancillary revenues driven by lower sales of the music video game Rock Band." The Media Networks division also reported profits of $671 million, down 12 percent, which was again attributed to the performance of Rock Band at retail.

Overall, Viacom reported a 14 percent drop in revenues to $3.3 billion and a 26 percent drop in profits to $586 million, though executive chairman Sumner Redstone says that Viacom has "the right portfolio of assets and the right vision to manage through this challenging climate."

Will The Beatles: Rock Band get economically strapped, music-loving gamers back in stores? We'll find out in September.