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 ├óΓé¼┼ôpoor” 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!