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July 15, 2005

EMI Reports Increased Revenues

Reuters: Yesterday, at the annual shareholders general meeting, EMI credited big sales of the new Coldplay and Gorillaz albums for increasing revenues and operating profits
in both its recording and publishing units for the fiscal year ahead of the same period last year. "X&Y" has so far shipped close to 6 million units and Gorillaz's "Demon Days" has shipped 2 million units. "We remain positive on the long-term prospects for the music industry and confident that EMI Group will deliver an improved performance in the current financial year", stated Chairman Eric Nicoli..."We expect consumer uptake of legitimate digital music to be the key industry growth driver in the coming years."

Digital revenue was more than double from the same period last year and represented 4.8 percent of the total - compared with 3.5 percent in the fourth quarter of the last fiscal year. EMI shares ended up 1.2 percent at 258.9 pence on the London Stock Exchange Thursday...

--EMI Says Quarterly Earnings Up

Posted by Todd in Major Labels | Permalink


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