EMI Group’s share price went into freefall Wednesday as the company admitted that revenues in its recorded music division are expected to drop 15% from last year.
Company made the announcement to the stock exchange as a trading update for its financial year, which ends March 31.
EMI stock closed down 12% at 210.75 pence ($4.13). It was trading at $5.83 just two months ago.
In a statement, EMI said: “This revision to expectations is as a result of the continued and accelerating deterioration in market conditions in North America where, in the calendar year to date, the physical music market as measured by Soundscan has declined by 20%.”