There is finally some financial news on the great EMI overhaul. Music Week just put up a report that Terra Firma chief Guy Hands sent out an email to employees that described a "dramatic improvement" in EMI's first quarter financials. The recorded music division had an EBITA of £59.2 million and total revenues amounted to £288.1 million. That is an improvement on the loss of £45.1 million recorded music had last year, and a 61% increase in total revenues. (These numbers do not include the costs related to recent layoffs.) There was certainly a good deal of low-hanging fruit for Terra Firma, but those numbers are encouraging.

Hands credited the revamped organizational structure and reduced waste for the improvement. Returns of physical product was singled out as an improvement. Returns in Q1 2008 were less than 16% of gross sales, said Hands, compared to 42% in Q1 2007. He downplayed the impact the recent Coldplay release had on the quarter's results.

We have come a long way this year but, of course, there is still much to do. The problems facing the music industry cannot be solved in a few months.

However, it is already clear to me that what is emerging at EMI is not only a far leaner organisation, but a more focussed and effective one as well, and better aligned with the interests of our artists. An organisation that is becoming much better placed to serve artists and customers alike, and to give our talented people the opportunity and the tools to produce their best work.

Q1 2007 revenues were 5.1% lower than in 2006. EMI Music revenues dropped 13.4% and were blamed in part on a light release schedule.

[music jobs] Boosey & Hawkes is looking for a Royalty Tracker.