Strong digital sales and a big year for Coldplay and Gorillaz helped EMI post an increase in profits and revenues for its fiscal year ended March 31. Full year revenues increased 3.9% to £2.08 billio
Strong digital sales and a big year for Coldplay and Gorillaz helped EMI post an increase in profits and revenues for its fiscal year ended March 31. Full year revenues increased 3.9% to £2.08 billion ($3.9 billion), while the company’s net profit rose 20% to £90 million ($168 million).
Among its divisions, recorded music’s sales increased 3.7% to £1.7 billion ($3.1 billion); publishing revenues grew 4.7% to £419 million ($787 million). Leading the growth story for EMI was digital music sales, which increased 139% to £112.1 million ($211.2 million) from £46.9 million ($88.4 million) the previous year. The company also benefited from improved overall music sales, which included 20 releases that sold over 1 million copies worldwide, and the ongoing impact of cost saving initiatives.
EMI chairman Eric Nicoli says the company remains committed to the idea of a merger with Warner. “[Our results] has created a strong platform from which to pursue a potential acquisition of Warner Music Group,” he said. “We continue to believe an acquisition of Warner Music would be very attractive to the shareholders of both companies. The industrial logic of a combination is compelling and the available synergies would unlock significant additional value.”