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As widely predicted, the European Commission look likely to conduct an in-depth investigation of Universal Music’s proposed purchase of EMI that could take up to three months. The EC has reportedly expressed ‘serious doubts’ over the impact that the sale could have on competition, especially in the digital domain.
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Forget about Saint Valentine this week- patron saint of global music sales Adele has cleaned up at the Grammy Awards in the US, walking away with a total of six and winning in each nominated category.Adele, who also performed at the event in Los Angeles on February 12, was awarded song, record and short form music video of the year for ‘Rolling in the deep’.
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In encouraging news, the BPI has revealed that British artists accounted for over half of albums sales in the UK last year, the highest figures for 15 years.Official Charts Company data indicates that British artists accounted for 52.7 % of overall album sales in 2011, with 56 out of the top 100 albums.
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The Association of independent Music (AIM) has launched a campaign appealing to the Government to seriously review the break-up and sale of EMI, saying that it would “undoubtedly concentrate the global music market still further into the hands of two dominant major companies – Universal and Sony”.
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After years of musicians getting knocked back by banks for funds, a new report from Think Tank Demoshas suggested that creative industry start-ups are actually less risky than businesses in other sectors.
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Music has come out relatively unscathed in the most recent round of BBC cuts, as the corporation announces 2,000 job losses and an attempt to slash budgets by £670m a year before 2017.As expected, there will be greater sharing of news services between several channels including Radio 1 and 2, 6 Music, 1Xtra, and Radio 3 and 4.
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Citigroup has insisted that they are pressing ahead with the previously announced sale of EMI despite numerous bidders dropping out of the race.
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New figures released by the British Recorded Music Industry (BPI) this week reveal that British artists account for almost 12% of all global recorded music sales.In addition, the results of an ominous sounding but actually very encouraging Ipsos MORI poll indicate that 83% of the British public are proud of the nation’s musical output.
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Troubled retailer HMV has announced a shift towards selling high end headphones and other ‘digital entertainment devices’ alongside further involvement in live music ventures after the company announced a profit plunge of over two thirds and a sales spiral of 7.2%.HMV saw profits drop to £28.9m in the 12 months to the end of the financial year in April from £74.2m a year earlier, with share prices falling by 84%.
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As expected, US bank Citigroup recently announced a strategic review of EMI that is the first step towards the sale of the major, with Universal Music Group and of the course your token average humble private equity billionaire in the frame as potential buyers.
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