EMI’s profits rise slightly, but sales fall
LONDON – EMI has reported a slight rise in adjusted pre-tax profits to £177.3m ($290.2m), from £153.3m last year. However, in the same period total sales at the EMI group – whose artists include Robbie Williams, Kylie Minogue, Coldplay , Radiohead and Roxette – fell a hefty 11% to £2.2bn.
EMI had taken drastic measures to cope with this downturn, previously cutting 1,900 jobs and dropping 400 acts from its roster last year.
EMI’s Chairman Eric Nicoli has cited music piracy as “the biggest single contributor to market decline.”
There has been persistent speculation about EMI’s future, and possible mergers with either Warner Music or Bertlesmann’s BMG. “We think we will make progress with or without participation in industry consolidation,” Nicoli said. “Beyond that I have no intention of fueling speculation.”
There was some glimmer of light from the US, where EMI made a profit after five years of losses.
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