Blog Post

EMI Finds Music Sales Actually Growing, Despite Terra’s Troubles

Terra Firma may have written off 90 percent of its investment in the label after Citigroup refused to ignore about half the debt it provided for the deal, but – slowly, slowly – EMI Group is turning a corner.

Full-year earnings to March 31, 2009, are up 7.4 percent to £1.563 billion ($2.58 billion)…

Recorded music (EMI Music) sales are up 4.6 percent to £1.095 billion ($1.81 billion) – making EMI the only major label to grow music sales.

Music publishing (EMI Music Publishing) sales are up 14.6 percent to £468 million ($773.83 million) – likely the result of increased licensing by online services and other users.

EMI’s 2008/09 year didn’t, of course, include September’s Beatles re-issues or video game, which is likely to bump its 2009/10 up further.