EMI Music triples full-year earnings
Written by roxeteer on May 8, 2009 to Music Business. Source: The Press Association.
LONDON - EMI Music, Roxette's record company since the very beginning, has made a good financial result after years of severe problems. The year 2008 was the first full year under the ownership of private equity group Terra Firma. Terra Firma's harsh cost-cutting program led to axing a third of EMI's workforce, but was also financially successful. EMI Music posted earnings of £163 million (183 million Euros) which more than tripled the earnings compared to the previous year.
The total sales went up 4%, thanks to EMI's biggest-selling artists Coldplay, Lily Allen and Katy Perry.