Wednesday, 5 November 2008

Pissing Money Away

A little industry news for you:

So, The EMI Group managed to lose £757 million in its last financial year, and another £287 million loss the previous year.


Wow.


That's pretty impressive...


Could these possibly be contributing factors?
5 amusing (or terrifying) facts about EMI in 2007 courtesy of the Maltby report and the Financial Times…

1. 88 per cent of its artists make a loss.

2. Some employees were paid in the past at salaries that were double market rates or higher.

3. Almost 50 per cent of CDs were returned unsold in April and May 2007

4. More than £700,000 was spent by EMI on taxis in London in the past year (it was the fourth biggest taxi account in London behind three investment banks with much bigger workforces).

5. EMI Music Publishing accounted for more than 100 per cent of EMI’s earnings in 2007, which I’m not sure even makes sense.


Now I'm hardly reknowned for my business brain, but even I can see that something doesn't quite add up here...

Hmmmm

1 comment:

Josephine said...

haha...more than 100% - now that is taking the piss!

the music 'industry' has caused its own demise, the majors are all old-fashioned, piss-taking, wankpits run by old white men who have no fucking idea how the world works. dumbasses.

x