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London (pte023/25.05.2005/11:17) - EMI http://www.emirecords.co.uk/, the world's third largest music company, recorded an almost £18 million fall in profits - £163.3m to £141.9m on revenues down 5%.
The cause is weak sales, and the delay of the anticipated Coldplay album.
After shares fell 1 per cent to 238.9 yesterday, Eric Nicoli, chairman of the company, described 2004 as a 'year of challenges'.
Coldplay's lead singer Chris Martin was unruffled by EMI's financial problems. ""I don't really care about EMI," he said. "I think shareholders are the greatest evil of this modern world. Deadlines mean nothing to us. We'll sink the whole company [EMI] if we have to."
Nicoli says EMI, whose artists also include Robbie Williams, Yellowcard and Kate Bush, is encouraged by the fact that the recorded music market is better than it has been for some years. The digital market has been booming, posting sales figures that tripled to £49.7 million from 31 March 2004-2005.
Within five years, EMI hopes that digital sales, which include the burgeoning ringtones market, will represent 25 per cent of sales.
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