EMI announces poor profits, again
EMI, one of the world’s big five record companies, has seen profits slide 40% in what it termed a “challenging year”. The company, home to Roxette and other artists such as Kylie Minogue and Robbie Williams, has been beset by falling sales and piracy problems like the rest of the music business. According to BBC News, the company has also made its own mistakes, “including heavy debts, underperforming artists, and a £38m bill for extricating itself from a massive long-term deal with Mariah Carey.”
In March, we reported about EMI’s plans to cut 1,800 jobs.
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