You will be redirected back to your article in seconds

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.

More Scene

  • Mr Chow 50th Anniversary celebration

    Mr. Chow 50th Anniversary Party Draws Stevie Wonder, Heidi Klum & More Stars

    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 […]

  • Paley Center for Media presents They

    African-American Showrunners Talk Strides in TV Representation

    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 […]

  • 'Annihilation' film premiere

    'Annihilation' Star Jennifer Jason Leigh Responds to Whitewashing Accusations

    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 […]

  • Viola Davis Women in the World

    Viola Davis on #MeToo: 'If You're Dedicated to Change, Let It Cost You Something'

    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 […]

  • LeBron James Stephen Curry All-Star Game

    NBA All-Star Weekend 2018: The Ultimate Party Guide

    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 […]

More From Our Brands

Access exclusive content