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Cost cutting at EMI results in 2008 turnaround

8 May 2009 23:43 by Rich "vurbal" Fiscus | 1 comment

EMI Music has released their financial report for fiscal year 2009, which ended in March, showing a company that appears to be doing better than others in the recording industry. Cost cutting measures put in place by Terra Firma, the label's owner since 2007, have resulted in earnings of �163 million ($219 million).

Despite his company performing better than other labels, CEO Elio Leoni-Sceti said "we cannot afford to be complacent," adding "we have some exciting new releases coming up, a much deeper understanding of the music consumer and a new engaged relationship with our artists to build on."

This is a major turnaround from the previous year when EMI reported a loss of �142 million. The reversal corresponds to the first full year of Terra Firma ownership.

Permalink to this article | Topic: MP3 & Digital Audio

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ZippyDSM (AfterDawn Addict) 10 May 2009 11:34
Ya...who would ahve thought it...cutting back those "white lines" saves money meaning mroe profit and you don't even have to bleed your consumer base turning them away from you in the process.... [ + quote]