EMI to cut up to a third of workforce in restructuring
The years of plenty of cash have long gone for the recording companies with the advent of downloads and free music via YouTube and MySpace. EMI should have cut their cost years ago, but one gem remains their property portfolio which is worth millions....
The new owners of music label EMI Group — home of the Rolling Stones, Coldplay and the Spice Girls — said in London on Tuesday that they plan to cut up to 2,000 jobs, or more than a third of its work force, in a restructuring aimed at offsetting the impact of falling revenue from CD sales and the departure of several of its major artists.
The Rolling Stones are among the major recording artists on the EMI roster. The Rolling Stones are among the major recording artists on the EMI roster.
(Mark Seliger/Associated Press)
EMI said it hopes the restructuring of its recorded music division, to be completed in six months, will save up to about $400 million Cdn a year.