BEST-SELLING hits last year by Katy Perry and David Guetta were not enough to offset the decline in sales and profits brought about by piracy and illegal downloading at the Irish unit of music giant, EMI.
New accounts lodged by EMI Records (Ireland) Ltd with the Companies Office show that pre-tax profits at the firm last year reduced by 74 per cent from €1million to €288,822 in the 12 months to the end of March this year.
This follows revenues at the company declining by 9 per cent from €10 million to €9.1 million during the year.
The directors report says the firm is faced by declining sales. “Economic recession, physical piracy, illegal downloading and growing competition for discretionary consumer spending and retail shelf space have all contributed to this decline.
EMIs other artists include Lily Allen, Coldplay and Blur.
Staff numbers reduced from 14 to 13. Remuneration to the five directors – including pension contributions – increased by 44 per cent last year from €734,572 to €1 million.
A breakdown of the firm's revenues shows that 72 per cent of the company's revenues were generated in Ireland with the remaining €2.5m generated in the UK .
GORDON DEEGAN
