Music giant EMI's profits have fallen after its major artists Coldplay and Gorillaz delayed the release of their new albums.
Both missed out on bonuses from the British label to make deadlines imposed on their new LPs, so they could perfect their work.
But the delay has had an adverse effect on the world's third largest music company - which today announced its full-year pre-tax profit fell from $300 million (GBP162.3 million) last year (04) to $259.5 million (GBP141.9 million).
Shares are subsequently down 2.1 per cent to 236 pence (448.4 cents) at the London Stock Exchange.Coldplay's Chris Martin caused controversy earlier this month when he blasted EMI's concern about the delay.
He said, "I don't really care about EMI. I'm not concerned about that. I think shareholders are the greatest evil of this modern world."
But EMI chairman Ed Nicoli has dismissed Martin's rant, saying today, "I think Chris will have had a smile on his face when he said that. Chris is an artist, not a stockbroker."
Recommended Comments