“EMI is crediting downloads for a 13 per cent increase in profits despite falling sales of physical products. The record giant, which only started offering music over the internet in 2003, and has Coldplay, Robbie Williams and Gorillaz on its books, increased profits to £159m on revenues which grew at just 2.1 per cent to £2.1bn,” John Oates reports for The Register. “EMI Group chairman Eric Nicoli said: ‘Digital revenues continue to grow at a very rapid pace in both divisions as we aggressively pursue new digital uses and demand for our exclusive music content. In 2005, Coldplay’s latest album release, X&Y, was not only the industry’s biggest selling album globally but also the largest selling digital album release in the US.'”
“Looking forward, EMI predicted that digital music will make up 25 per cent of total global music sales by 2010,” Oates reports.
Full article here.
Earlier today, U.K. music company EMI Group PLC said that it doesn’t support a French law that could force Apple Computer Inc. to share its FairPlay DRM with other providers, according to a report from MarketWatch (please see related article below).
[Thanks to MacDailyNews Reader “Squizza” for the heads up.]
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EMI backs Apple on French DRM law – May 23, 2006