Earnings have fallen once again at EMI as the music group continued to feel the pinch from falling CD sales.
The UK firm said revenues from CD sales fell 19.8% in the three months to June as digital downloads gained ground. Overall revenues fell 5.1% during the period, amid tough market conditions and a light release schedule, EMI said.
The update came just days after EMI - whose artist roster includes Coldplay, Lily Allen and The Beatles - agreed a £2.4bn takeover bid from Terra Firma. EMI shares have also been taken off some FTSE indexes ahead of the 215p-a-share deal going through.
The British group has been struggling to survive in the face of falling CD sales - particularly in the US market. However, while physical music sales appear to be on a downward spiral the downloading market is healthy and digital revenues surged 26% between April and June.
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