“EMI is crediting downloads for a 13 per cent increase in profits despite falling sales of physical products. The record giant, which only started offering music over the internet in 2003, and has Coldplay, Robbie Williams and Gorillaz on its books, increased profits to £159m on revenues which grew at just 2.1 per cent to £2.1bn,” John Oates reports for The Register. “EMI Group chairman Eric Nicoli said: ‘Digital revenues continue to grow at a very rapid pace in both divisions as we aggressively pursue new digital uses and demand for our exclusive music content. In 2005, Coldplay’s latest album release, X&Y, was not only the industry’s biggest selling album globally but also the largest selling digital album release in the US.'”
“Looking forward, EMI predicted that digital music will make up 25 per cent of total global music sales by 2010,” Oates reports.
Full article here.
Earlier today, U.K. music company EMI Group PLC said that it doesn’t support a French law that could force Apple Computer Inc. to share its FairPlay DRM with other providers, according to a report from MarketWatch (please see related article below).
[Thanks to MacDailyNews Reader “Squizza” for the heads up.]
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Related article:
EMI backs Apple on French DRM law – May 23, 2006
Always follow the money
Okay, so $210 million in digital sales. I imagine it’s all profit, it’s all from iTunes, and they have Apple to thanks for an ever-expanding net profit stream.
Apple Corps should also sue EMI, to get its fair share of the “Bite of the Apple logo” profits gleaned through Apple Computer’s iTunes music download service.
So, John Oates is reporting for The Register. I wonder what Daryl Hall is doing.
EMI has always supported the iTMS. They were the first ones onboard and were pushing the other labels to sign on. Looks like it paid off!
Yep. And one day EMI, Warner and Sony will tell us that they innitiated the whole move to digital.
EMI, WB and Sony ALL want their own DL stores. At some point you’ll see them opening up sites for that purpose. Until then, iTunes is bringing in the jack for them..
“So, John Oates is reporting for The Register. I wonder what Daryl Hall is doing.”
He’s haulin’ oats. Of course.
EMI? Electromagnetic Induction? Interesting.