Hypebot is reporting that EMI revealed to investors this morning in their annual report that they experienced a net loss of $802 million this past year. If that wasn’t bad enough (after all, it wouldn’t be EMI without more bad news), they are also expecting to need another cash infusion as early as next year and will also fall short of its banking covenants until at least 2015.
EMI basically is pointing their finger at iTunes for their problems. They feel that the online store’s dominance in the download market and pricing is a huge risk to EMI’s future profit. With everything going wrong for EMI this past year, I’d say that iTunes isn’t the only thing risking their future. That said, this isn’t the first time the label group has experienced problems, and they’re still here.
