We know Coldplay are capable of wooing Gwyneth Paltrow, creating a media circus in Toronto and selling out concert halls in a matter of seconds. But it turns out the British softies are also responsible for a declining profit from EMI Group, their record company.
Reuters reports British-based EMI, the world’s third-largest music company, said its full-year profit fell after delays in two key albums from Coldplay and the animated band Gorillaz.
According to The New York Daily News, EMI’s stock plummeted 16 per cent in one day when the company announced the latest releases by Coldplay and Gorillaz would be delayed.
Coldplay frontman Chris Martin responded to his troubled record company somewhat less than favourably. “I don’t really care about EMI. I’m not concerned about that. I think shareholders are the greatest evil of this modern world,” he said.
EMI chairman Eric Nicoli, acting on the basis that Martin is a singer and not a stockbroker, said, “I think Chris will have had a smile on his face when he said that.” Nicoli added that Martin may have said it out of concern “that he might compromise his work to meet a corporate deadline.”
EMI is now relying heavily on digital music sales. In addition, they have tried twice over the past five years to merge with Warner Music, the fourth-largest music company. Insiders say a partnership with the two companies will help them compete with larger rivals Universal Music and Sony BMG.