How Do You Lose $1.2 BILLION????
Filed under: Music Minute > Business Blitz
According to a new report, EMI, the label Katy Perry and Coldplay call home, lost $1.2 billion in the fiscal year ending March 31st of this year.
Ouchy!
Analysts say the loss can be blamed on “poor" operational performance. In particular, 'a high-spending culture (including high executive salaries), overly traditional artist relationships and poor reporting of data related to artist profitability.'
The year before, the company 'only' lost $455 million.
Yikes!
Katy Perry and Coldplay's latest hit the scene post March 31st and have done pretty well.
So, EMI's numbers should look a little better next year, right? …that is if they don't go under!
Posted: October 26, 2008 at 1:00 pm
EMI as a whole may be hurting but according to another report EMI Latin is doing pretty damn well!
Cute outfit.
What a bunch of irresponsible idiots!! WTF are "overly traditional artist relationships"? This is just STUPID.
Good!!!!!! I hope they loose more!!!!
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I'm sure it has nothing to do with overly DEMANDING, HIGHLY PAID PISSASS artist…….
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The record industry as we know it is dying. People don't need big record companies and labels to tell them what to listen to anymore. With the advent of the Internet, people can get a hold of new music on their own terms. The record industry better find a new formula to keep themselves afloat because I don't see them being relevant 20 years from now if they keep going the way the do.
Record labels keep on throwing they're money away on promoting flavor of the week artists like katy perry who DON'T sell albums where the majority of the money comes from, funny though Avril Lavignes label sony bmg made a profit of 65 million.
I honestly think John Mccain is more educated and wise than Obama. And your VP joe promised America a HUGE terrorist attack if obama wins. what kind of idiot would promise that ?
Obama's VP.
and honestly i think Sarah palin is more educated and smart than Obama. But others are as well entitled to have their own opinion.
I do love, however. that you cant say one negative thing about McCain, only that he picked a women VP. that’s it ? well its hell of a lot better than what Obama plans to do with America.
I find the liberals comebacks very amusing that they don’t have anything to use against the Mccain campaign only that he is old. which is defiantly a good thing. the older the wiser and he is very healthy and driven. im very excited for Mccain to win. but i wont rub it in your faces, that would be incredibly idiotic.
The hypocrisy alone Is laughable when examining the Liberals.
Now remember I used to support Obama and gave each candidates a chance, examining both left wing and right wing views and opinions Combined with my own. In that process ive also discovered an incredible hypocrisy only among Liberals. most do not practice what they preach and these incredibly uneducated comments mean nothing, except that its mostly the Liberals who cant spell correctly.
Stay in school BITCHES! xxoxoxoxoxoxox
Mr. McCain makes me feel more secure with his experience and knowledge. But Mr. Obama is so sexy. He reminds me of the chauffer we had when I was growing up. We had many good times in the back seat waiting for my parents to return.
Re: John Mccain will save America – Jesus Christ, genius! You're still posting this? On a Katy Perry story? You Republicans must be desperate. And proud of your leaders. Hahah. And you're also very intelligent and educated. The grammar and punctuation is just an A+, genius. So far, I've found this posted 4 times. I'm going to go and click on all the stories to see how many times you posted this one, genius. Wow, you must be so honored and proud of yourself for comment. Knowing that you have made such an intelligent point and have probably changed the entire outcome of the upcoming election due to your ability to sway the fans of Perez Hilton. Haha, you must be so proud of yourself. Don't cling to hard to your gun or bible. You might actually learn to think for yourself and punctuate correctly in the process. …..ok, I'm going to look for your post on the next story. See you then, genius!
I'm shocked they didn't blame it "all" on illegal downloading
It's all Katy Perry's fault! Artists like her release stupid shitty songs and half ass albums that don't sell yet the record label spends MILLIONS promoting them! I bet Katy Perry hasn't made the record label even HALF of what they spent promoting her! Her album isn't even a real full album!
When companies say loose, they mean its money they expected to make but didn't.
Hey isnt that the same company thats suing 30 Seconds to Mars for 30 mil, and owes the band millions too? EMI sucks clearly they dont know shit about business!
Re: The_Librarian – Exactly. All the money is in touring. Madonna got her big $100 million payday from Live Nation based mostly on tour profits. CD's barely make money unless the sales are huge.
Re: wetdog – YOU ARE MY HERO!!! haha
Fascinating…whoever said money was in touring is damn right.
Katy Perry can have a terrible song at #1 all she wants. Girl needs to get on the road and sell out a venue - or hundreds - like my favorite (hit-single-less) Jonas Brothers…that's modern commercial success.
Re: John Mccain will save America – First of all….SHUT UP….YOUR STUPID…go play in traffic!
Re: Shakembria Alessay Jackson – I AGREE!!! She is whack! She is an attention whore…who thinks that "kissing another girl" is cute!!
this is why
i'm not a biqq' fan of her sonq
"i kissed a qyrl" i liked it at first buht pretty soon i thouqht it was retarded.
*siqh*
I think we are all sick of Sell Outs like KatY and Coldplay…Why put millions and billions into crappy pop artists? Its really silly the world loves lots of choices and talents… Katy Is such a crappy lame sorry excuse for an artist and Coldplay just makes me Think Gwenyth and her shiteous movies.
she has big mams
can anyone say NAPSTER
I know that the name is an oldie but it's a goodie,
People downloading legally or illegally can be thanked for sticking to those fat bastards
i let chris martin finger my gf in a toilet in nyc recently.
his jokes bout the mrs are hilarious.