Earnings: EMI Digital Revenues Up 68 Percent In 1H06; Represent 8.5 Percent Of Total Revenues

Corrected EMI Group’s overall revenue for the first half of its fiscal year dipped 4.1 percent to $1.65 billion compared to $1.75 billion the previous year. That number might have been even lower without increased digital revenues. Digital revenues were up 88.4 68.4 percent to $139.3 million — 8.5 percent of the total, up from the 5.4 percent contributed in the fiscal year that ended March 31. The picture is similar at EMI Music, where overall revenue was down 5.2 percent (attributed to planned changes in the release schedule) while digital revenues rose 78.2 percent, accounting for 9.4 percent of the total. Group profit, hit by a one-time charge related to fraud in Brazil and the decline at EMI Music, dropped considerably to $118.5 million from $163.9 million last year.
— EMI Music Publishing was up 5.8 percent. Digital revenue represented 5.6 percent of the division’s revenue.
From Chairman Eric Nicoli’s statement: “We expect continued strong growth in this revenue stream in the second half driven by EMI Music

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