Page last updated at 15:08 GMT, Monday, 6 August 2007 16:08 UK

Falling CD sales hit EMI earnings

EMI artist Kylie Minogue
EMI CD sales have been less than glittering of late

Earnings have fallen once again at EMI as the music group continued to feel the pinch from falling CD sales.

The UK firm said revenues from CD sales fell 19.8% in the three months to June as digital downloads gained ground.

Overall revenues fell 5.1% during the period, amid tough market conditions and a light release schedule, EMI said.

The update came just days after EMI - whose artist roster includes Coldplay, Lily Allen and The Beatles - agreed a 2.4bn takeover bid from Terra Firma.

EMI shares have also been taken off some FTSE indexes ahead of the 215p-a-share deal going through.

The British group has been struggling to survive in the face of falling CD sales - particularly in the US market.

However, while physical music sales appear to be on a downward spiral the downloading market is healthy and digital revenues surged 26% between April and June.

SEE ALSO
Terra Firma wins in bid for EMI
01 Aug 07 |  Business
EMI bidder extends offer deadline
20 Jul 07 |  Business
Warner Music opts out of EMI race
18 Jul 07 |  Business
Warner hints at possible EMI bid
11 Jun 07 |  Business
Could EMI become No 1 bid target?
22 May 07 |  Business
Music giant EMI agrees takeover
21 May 07 |  Business

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