EMI profits up on iPod factor

EMI is crediting downloads for a 13 percent increase in profits despite falling sales of physical products.

The record giant, which only started offering music over the internet in 2003, and has Coldplay, Robbie Williams and Gorillaz on its books, increased profits to £159m on revenues which grew at just 2.1 percent to £2.1bn.

Group digital sales jumped from £46.9m to £112.1m and group operating margin grew by almost a percentage point to 12 percent in the year ended 31 March 2006. Physical sales fell 5.3 percent.

Read more (The Register)