Music Industry Trends Downloads
How do you think this will affect the music industry in the long run?
UK music business EMI Group has agreed to be bought by private equity firm Terra Firma for £3.2bn including debt. The group, whose artists include Robbie Williams and the Beatles, has been the subject of bid speculation for the past year as its business has struggled.
EMI, one of the world’s “big four” record companies, has suffered a downturn in its fortunes in the past 18 months.
Record sales have been hit by the trend for more digital downloading of music while a number of high-profile album releases have badly disappointed.
EMI announced a radical restructuring plan earlier this year, resulting in the loss of hundreds of jobs in both Europe and the US.
The firm has seen sales decline dramatically in recent months and said on Thursday that it had made a £260m loss in the past year. http://news.bbc.co.uk/1/hi/business/6677875.stm
That’s one of the big 4 gone – what do you reckon is next?
This is about the record companies, I take it, in a corporate sense, rather than being about musicians.
EMI? Serves ‘em damn well right for ripping us off for so long. I disagree with those who say that it will only lead to more profit for the record companies – that makes no sense whatsoever. EMI is one of the biggest players in the market and has made an enormous loss this year. It’s long past time the rip off merchants running this industry caught up with the consumer.
MidemNet Academy 2011: Innovation: music industry learnings from other industries
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