EMI Group is expecting a drop of 15 per cent in revenues, according to its latest financial statement.
The world's third-largest record company said the revenue figure was in line with its outlook given in February.
It said it was also examining a potential securitisation of its music publishing assets which it hopes to complete by the end of this financial year.
The group, which has also been the subject of a bid approach from Warner Music Group, said it was making good progress with its cost savings programme and had completed the majority of the actions listed in a £110 million restructuring programme.
"As a result, the company now expects at least 70 million pounds of the savings will be achieved by 31 March 2008 with the remainder being reflected in the results for the year ending 31 March 2009," it said.
It expects to report underlying group earnings before interest, tax, depreciation and amortization (EBITDA) before exceptional items of approximately £174 million which it said was ahead of market expectations.