Coldplay's Chris Martin may have complained about corporate pressures but he is on track to help his record label to improved profits this year.
The success of the band's X&Y album is set to help increase revenues by 4.5% at EMI this year in what the publisher described as a weak market. Successful album launches by The Rolling Stones, Gorillaz, Paul McCartney and KT Tunstall also boosted revenues in the six months to the end of September.
Earlier this year Chris Martin complained about pressures placed on the band to complete the recording of the X&Y album. Coldplay's X&Y sold nearly 6m copies in its first month on the market following its release in June, while The Demon Days offering from Gorillaz - led by Blur frontman Damon Albarn - sold 2m in its first two months. Revenues in its publishing arm, which sells music rights to film and television makers, are expected to rise 5.5% resulting in a 9% hike in group pre-tax profits for the six months to the end of September.
Last year, pre-tax profits at EMI fell 13.1% to £141.9m as its share of the music market dropped from 13.5% at the start of the financial year to 12.9% by the end of it.
Figures from the International Federation of the Phonographic Industry (IFPI), which represents the recording industry, said the global market was down 2% in the the first six months of this year.
Digital sales continued to enjoy 'very strong growth', EMI said in a trading update. Combined with improved margins following a restructuring of the business, EMI forecast pre-tax profits to rise 9% in the first half.
'The group remains on track to deliver in line with its expectations for the full financial year,' the company said.
The market consensus for the year is for a 2.5% to 3% increase in group revenues from £1.94bn last year, with a 10% to 15% hike in full-year pre-tax profits.
There are no comments to display.