The record label EMI has said that in 2009 it lost £1.75 billion.
It's one of the biggest record labels in British music - home to international superstars like Robbie Williams, Kylie, Lily Allen, Katy Perry and Coldplay.
The music industry as a whole has been hit by the recession and lost £9.5 billion last year.
But it's not just the global money problems hurting EMI - illegal downloading has lost them lots of cash.
It's against the law to download tracks that you don't pay for and you keep forever.
EMI relies heavily on its back catalogue
And record companies end up losing out, because they have to pay everyone involved in making the album or single.
The company that own EMI say they need £120 million to survive as they are.
But the long term future of record labels lies in people downloading music from legal sites so they get paid for the music they make.