MUMBAI: Music group EMI has revealed pre-tax losses of ?1.75bn ($3.17bn) in the year ended 31 March 2009 and said it needed more money to stay afloat
Blaming “the global economic slowdown and the continuing rapid decline of the physical market”, EMI wrote down the value of its music publishing and recorded music divisions by 1.04bn pounds.
The results for EMI, which has deals with Robbie Williams and Coldplay, include more than ?1bn in write-offs.
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The firm has been hit by illegal downloading and the move away from album sales to single digital tracks.
The recorded music industry’s global revenues have fallen 30 per cent over the past five years, and in 2009 fell by 10 per cent to $15.8bn.
EMI is now the smallest of the four major record labels, and has launched a turn-around plan to try to cut costs and boosting internet sales to compete against the likes of Universal and Warner.
