TMN RETROSPECTIVE REPORT: The fall of EMI – 2012

TMN celebrates two decades in this ever-shifting music industry by taking a look back at the key moments – both triumphant and tumultuous – in the Australian music business.

2012
THE FALL OF EMI
EMI Records was officially placed on the market in June 2011, by Citibank, which had taken the reins of the once-mighty company. By November, the company had been sold, with Universal Music Group taking control of the label for $1.9b. Sony/ATV purchased the company’s publishing interests for $2.2b, and became the biggest publishing company in the world. In Australia, EMI’s plush Surry Hills office was vacated in January 2012, and more than 20 staffers were shed, as the label began operating under the wing of Universal Music Australia from its office in Milson’s Point. The Australian Independent Record Labels Association wasn’t pleased, expressing “extreme disappointment” with the ACCC’s decision not to oppose the purchase. “The merger is bad for the health of the Australian independent music sector and will result in decreased musical diversity and consumer choice”, they wrote in a statement. “The fact that there has been no talk of local divestments or remedies is a worrying oversight.”

Our year on year reports are published courtesy of the Australian Music Industry Quarterly magazine. For your free copy click here.