EMI reports growth in digital revenues

EMI has reported its digital revenues grew to £102m in the six months to 30 September.

The 38% rise on the previous six months follows a year of cost cutting, including the shedding of 1500 jobs imposed by new owner Guy Hands.

Overall EMI’s losses fell from £324m in the first six months to £155m in the second half to 30 September, with revenues growing by 10% to £737m.

Digital revenues increased by nearly 50% period-on-period with EMI now claiming to account for 12.6% digital market share, up from 11%.

It estimated the digital market grew overall by 24% boosted by new channels such as Nokia’s Comes With Music subscription service and music on demand service Spotify.