EMI planning more cost savings to become ‘digitally-led’ company
As Terra Firma fights to convince investors to pump another £120 million into EMI to prevent the company falling into the hands of bank Citigroup, EMI Music CEO Elio Leoni-Sceti has been talking about planned changes in the coming months.
According to the Telegraph, it’s aiming to save tens of millions of pounds by investing in new systems, and reducing the company’s headcount further. “We will present a compelling new five-year business plan with particular focus on the coming year,” says Leoni-Sceti.
“It will involve both an acceleration in revenues coming from product innovation at EMI Music Services and some cost reductions from the introduction of new systems and technology and the elimination of some duplication. This will confirm our vision to evolve into a digitally-led music company”.
However, EMI has since denied the main thrust of the Telegraph’s story, suggesting that Leoni-Sceti WASN’T referring to staff in the quote above.
“This is pure speculation by the Sunday Telegraph,” a spokesperson tells Music Week. “EMI Music’s new business plan, which will build on the successful strategy already in place, is in the early stages of development and there are no current plans for any major reorganisation or redundancies.”
Tags: EMI, terra firma
February 8th, 2010 at 4:35 pm
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