The news today that the EMI record label lost £1.75bn in the last tax year is mildly depressing — though not surprising. It will inevitably be blamed by the company on the rise of illegal file-sharing, rather than the fact that it was bought in 2007 by a “karakoke-loving” financier interested in flogging off parts of the company’s back catalogue.
The music industry may indeed be changing, but just imagine what an enlightened owner could have done with a company that large and with that much history behind it. Investment in new artists; alliances with smaller labels to help find new ways of making music pay; or simply using the label’s vast archives in a genuinely creative way.
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