British-based music heavyweight EMI Group pushed ahead with its solo act on Tuesday, saying it would throw itself into aggressive cost-cutting and conquering the mighty US market after two failed merger attempts.
EMI said a strong release schedule including albums from recently signed Mariah Carey coupled with cost cuts will keep the group ahead of the pack over the next two years when sluggish growth is expected to cast a pall over the industry.
Painting an upbeat picture as a stand-alone business, EMI said its global market share had climbed 1.6 percentage points over the past year to 14.1 per cent while the group had moved to number four in the US market with a share of 10.8 per cent, boosted by the roaring success of the Beatles' 1 compilation.
Looking forward, market conditions will remain highly competitive and somewhat unpredictable but with the benefit of another good release schedule...and the impact of our continuing quest to improve efficiencies, we are well placed to make further progress in the current financial year, Chairman Eric Nicoli said in a conference call.
EMI shares were 1.08 per cent firmer at 443.75 pence at 9.45 a.m., in line with the European media sector.