EMI boss Alain Levy has said his company doesn’t support new French proposals to pass a law demanding digital music service and device interoperability.
Levy observed that while he is concerned at Apple’s present grip on the digital music market, he regards the French law with “amazement”. "We believe market forces work better than legislation in this case," he added.
Levy was summing up the major label’s performance for its full financial year. EMI revealed that its digital sales currently account for 5.4 per cent of label revenue (£121 million) but that the company expects digital sales to account for 25 per cent of revenue by 2010.
"The growth rate is hard to predict because expansion of digital is dramatic, explosive I would say," EMI chairman Eric Nicoli said.
Otherwise, the company reported a 20.16 per cent increase in net profit for the year ending March 31, profits reached £90 million.
Revenues at EMI's music publishing division rose 4.7 per cent to £419.6 million. The label is presently trying to make a bid to buy the Warner Music Group, which would further increase the consolidation within the record industry, leaving the world with just three major labels and leave the combined company with a 25 per cent share of the globe’s music market.