- by Victoria Tsigonis
- Monday, October 27, 2008
EMI – home to Coldplay, Katy Perry and Lily Allen - has reported a loss of $1.2 billion in the financial year that ended on March 31, 2008.
The root of the loss comes from a poor operational system, which focuses on an extremely high spending model including executives with overly large salaries, poor reporting of data in regards to artist’s profits and exceedingly traditional artist relationships.
Due to this system, the finances suffered drastically causing the label to rank last out of the four major labels in sales, with a decline of 45% in physical sales from 2005 to 2007 and a slower growth in digital music sales compared to the other.
“EMI Music had a history of signing great artists but had not adapted sufficiently to the changing consumer market for music,” states the report.
“EMI cannot be turned around overnight.”
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