EMI Group, the music giant, says the development of the digital music market can return the music industry to growth. It made the comments as it revealed a 4.1% decline in group revenue for the six months to September 30.
The group’s profits were also down: from £86.7m for the same period last year to £62.7m. EMI says thelosses are due to a decline in the music division and a £9m hit from an accounting fraud at EMI Brazil.
The growth of digital products was strong across the group with revenue up by 68.4% to £73.3m. The sales now account for 8.5% of all group revenue.
The music division reported a 5.2% decline in revenue, which is attributed to a "light" half for new releases. But digital revenues grew by 78.2% for the period, which accounts for 9.4% of the division’s total revenue.