EMI (EMI).

Investors Chronicle, May, 2005

Weak global music sales, compounded by the failure of two major bands to get their albums finished on time, explain the further slide in EMI's sales. The two artists - Coldplay and Gorrilaz - have now got their albums out, but weak markets remain. However Eric Nicoli, EMI's chairman, is optimistic as the decline in CD sales is slowing, while digital sales are growing strongly. He reckons that digital sales will add to overall music spend, rather than cannibalise existing revenues.

The bright spot was the publishing business, where underlying sales grew 4.9 per cent - well ahead of analysts' forecasts. While publishing revenues from CD sales continued to slide, performance from radio and television and synchronisation advertising are growing strongly. Revenues...

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