EMI defiant in face of decline
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.