Innovation
News Burst: EMI commits to a digital future
EMI plans to focus on music over the Internet
According to the Financial Times, music company EMI is looking to divest its CD manufacturing and distribution operations to concentrate on readying its systems for the distribution of music over the Internet.
The Chairman's Statement in the company's Interim Report states that EMI is "working on several major projects" to "prepare for the digital distribution of our product." The report stresses that EMI is in the process positioning itself to "exploit the power of the Internet and the development of digital technology."
EMI has already seen a new stream of income from its stakes in online music companies and in the last six months has seen its deal with musicmaker.com add £24.8m to its profits.