EMI Takes Major Hit – Loses $1.2 Billion This Past Year
EMI Music Group has recorded a whopping £757 million ($1.2 billion US) for the year ending March 31st. Revenues dropped 19% ($2.3 billion) compared to year-earlier losses of $454.5 million. According to EMI, the serious downturn is the result of weak performing artists, major accounting and restructuring write-offs, and various depreciation and financing costs. During the period, market share also dropped to 9% from 12%. EMI had...
MySpace Music Announces IODA Deal
MySpace Music announced that IODA, a digital distributor of independent labels will provide its catalog of music to the recently launched MySpace Music. The addition of IODA will inject over one million new songs into MySpace Music’s growing indie catalogue. Through this partnership, the MySpace Music community will be able to stream and purchase music from IODA’s catalog of more than one million tracks from a diverse...
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