EMI benefits from sales of Coldplay and Gorillaz albums

EMI benefits from sales of Coldplay and Gorillaz albums

Music Company EMI has reported improved sales of music albums leading to improved revenues. They have benefited a lot from the sales of the latest Coldplay and Gorillaz albums. In addition, EMI has also benefited a lot from online digital music stores like iTunes, which sells their songs for a fee on the internet. The sales of such songs have doubled for the company improving their revenue generation.

EMI said pre-tax profits before exceptional items in the six months to 30 September were up 9% to £41m. They sold around 7.5 million copies of Coldplay’s X&Y album during the period. In addition, they also managed to sell 3.4 million copies of the Demon Days album by Gorillaz. EMI reported that their revenues grew 5.8% to £924.6m. In addition, their share of the global music market had risen to 13.1% from 12.5%.

EMI is also now on target to meet full-year profit targets thanks to a strong set of scheduled releases. They are already selling the new Robbie Williams album, Intensive Care in big numbers. Interestingly, the online sales of their tracks on stores like iTunes now represent 4.9% of EMI’s revenues, up from 2.1% last year. EMI chairman Eric Nicoli said on their interests in digital music sales: “We remain confident that digital music will return the industry to growth in due course.”