Time Europe has a piece called "Sing When You're Winning: How EMI and the music industry learned to stop worrying and love the digital download." Great title.

It's a story about EMI's Eric Nicoli, who after losing his job when Seagram bought Polygram in 1998 went to EMI in 2001with the goal of finding a way to make money from digital music. Early hire John Rose was given the task of making it work. And it is working. Digital sales are up to 5% of total revenues, EMI's market share has increased in the last year and some analysts are impressed by EMI's innovative approach to digital music.

And let's not forget the ringtone, the newest revenue stream that is sometimes forgotten because it lives in a world separate from music downloads:

"The unexpected cash cow of the digital era is the ringtone, and its wireless cousins: ringtunes, ringbacks and wallpaper. Last year mobile music sales were more than $400 million globally. EMI's publishing arm — with a catalogue of more than a million songs — is the world's largest, with a market share analysts estimate at around 20%. ... And consumers — especially teens — are embracing the new technology with fervor."

The article also hits on wireless sales, which has everybody hopeful due to the high penetration rate of mobile phones. One thing that's missing from the article, though, is Ted Cohen, the respected head of digital development and distribution. This Newsweek article from September of 2005, which calls Cohen "one of Levy's secret weapons," explains how valuable he is to the company's digital future.