Music Labels Taking Hits While Making Hits

Three of the four – EMI Group (Australia), Warner Music Australia and Universal Music Australia – recorded losses while Sony Music Entertainment Australia saw its profit tumble by three quarters, company accounts filed with the Australian Securities and Investments Commission showed…

…Director Matthew Evans said the company was balance-sheet insolvent. “At year end (March 31, 2009) the group’s current liabilities exceeded current assets by $45.5 million,” Mr Evans said in his report.

read about it from source by Herald Sun

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