Earnings: EMI Music Digital Income Up 26 Percent In Q2 But Overall Revenue Drops

Digital downloads increased for EMI Group (LON:EMI) in the second quarter, but that wasn’t enough to stop an expected 5.1 percent fall in overall revenue. In the music division, digital income was up 26 percent and physical formats down 19.8 percent – overall, the unit was down 13.4 percent, reflecting the “tough market conditions experienced in the recorded music market“.
That decline swallowed up what was an 11.9 percent rise in the publishing division, where digital revenue was up 13 percent and even physical formats rose 12 percent. EMI said early revenue indications are “encouraging” for its DRM-free range of high-quality downloads, introduced at iTunes Plus in May. No detailed financials as it is just a statutory UK quarterly update. Company shareholders last week finally accepted a £2.4 billion ($4.8 billion) private equity takeover offer from Terra Firma after Warner Music Group ruled itself out of the bidding. Release.