EMI’s overall revenues rise 61%

Music co. earns $119 million in first quarter

EMI Group saw overall revenues rise 61% during the first three months of the year, according to a memo issued to staff by Terra Firma chief Guy Hands. He attributed the growth to cost reductions and strong music releases.

In the first quarter, the company’s recorded music division had earnings of nearly £60 million ($119 million) before interest, tax, depreciation and amortization. A year earlier, the first quarter posted a loss of $89.6 million.

“It can be misleading to look at just one quarter in isolation due to the timings of releases,” Hands wrote. “As we all know, the recorded music business is extremely volatile and we cannot count on future quarters always being this good.”

The new album from Coldplay, “Viva la Vida,” was released at the tail end of the quarter and had strong sales worldwide.

Under Terra Firma’s ownership, EMI has been a private company for the last 12 months. It had previously been publicly traded. Detailed financial results are not available.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0


    Leave a Reply

    No Comments

    Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s

    More Biz News from Variety