EMI Begs Coldplay to Defibrillate the Company
Five months into 2008 and EMI is hanging on for dear life to get through the year. The latest news deals with a financial extension with lender Citigroup. June 1 was the deadline for its first milestone and it seems that EMI couldn't meet its target. The problem lies with the company not turning a profit fast enough to meet that first milestone. It would've been difficult, what with the music industry sales slumping across the board. Also, it would help a lot if EMI could get more of their artists in the Top 20 sales.
So now, everyone is turning to Coldplay to save the day. Will Coldplay's Viva La Vida outpace sales of previous releases? That's a tough order to make. Its turning into a bad game of chance - hedging bets on whether Coldplay's new release will accellerate or stall.
Its going to take more time for Guy Hands to reorganize EMI. The milestones set were overly optimistic and everyone kinda knew that when he revealed it at that meeting earlier this year. Hands may be biting off more than he can chew and he's starting to realize how incredibly daunting it is to tear down an old infrastructure and make way to a new idea.
Plus, they really need to re-launch their corporate site. It really sucks.
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