EMI sees download sales jump 150%

Record company EMI has seen its revenues from digital music downloads increase by 150% over the past year. The world's third largest record company predicted that the jump would help its annual profits rise by 12%. EMI added that overall turnover should rise by approximately 4%, led by strong sales from its key acts including Coldplay, Gorillaz and Robbie Williams. Digital music sales now account for 5.5% of the music division's annual revenues, EMI said. Looking ahead, it said it was targeting an extra £30m in cost cutting. 'International superstars' "Overall, the group expects to report full year revenue growth of close to 4%, with digital revenues more than doubling to over £110m," the company said in a trading statement. "This strong divisional performance reflects successful releases from a broad range of artists including international superstars Coldplay, Gorillaz, Robbie Williams and The Rolling Stones...and breaking artists KT Tunstall, Dem Franchize Boyz and Corinne Bailey Rae." Revenues at its publishing arm are expected to grow 2.5%. UKFast is not responsible for the content of external Internet sites.

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