EMI Profit Up 20% For the Year
With sales of recorded music up 1.9%, EMI's profit rose 20% for the year ending March 31st to $169 million. Revenue was up 3.9% to $3.9 billion. Market share was up in all territories.
Digital sales grew to $210 million from $88 million during the year, and more than doubled in the fourth quarter. In North America, digital downloads accounted for 70% of digital sales, but it was sales from mobile products that grew at the fastest rate -- increasing by a factor of over nine.
EMI's publishing arm saw revenues increase by 2.6% for the year. Mechanical revenues increase by 3.2% and operating margin rose 25.1%. The company emphasized the potential of the mobile market. "The use of songs in mobile phone products remains the most significant early digital revenue contributor for EMI Music Publishing and continues to enjoy very strong growth."
The list of upcoming releases includes Chingy, Tiziano Ferro, Janet Jackson, Norah Jones, Stacie Orrico, RBD, Renaud, Joss Stone, KT Tunstall, Keith Urban, Hikaru Utada and Robbie Williams.
For the full financials, read EMI's press release. Watch the webcast of the earnings presentation from this page.
Music Groups