Amidst numerous accounts of low record sales and artists being dropped from their contracts, music labels are making the adjustments to withstand the storm. One of the major music labels doing just that is EMI and they have the financial statements to prove it.

In 2008, EMI saved $72. 1 million in annual spending costs through staff cutbacks, expense reductions, and record sales of their top artists.

“These results were achieved in a physical market that declined aggressively due to structural changes in the global retail environment,” the label stated. Best-sellers on the year came from Katy Perry, Lily Allen, Darius Rucker and Herbert Grönemeyer.

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