Glum Music Industry Outlook Plagues EMI
EMI Group emerged on Tuesday from a dismal year of slumping profits confident that things could only get better, but the music giant’s shares spun lower as a glum industry outlook rattled already jangled nerves. EMI, home to artists such as Radiohead and Kylie Minogue, posted a sharp but expected 40 percent fall in adjusted pre-tax profit and said its radical overhaul was going to plan despite an industry ravaged by an economic slowdown and piracy. The world’s third biggest music company saw its battered stock slide almost seven percent as analysts took fright after a post-results meeting, shrugging off… Read more »