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|Creative Accounting explains Beatles re-releases|
[Posted by Dave Haber on Tuesday, 06/17/08 11:26 am] [Full Blog] [Tweet] [Facebook]
According to the Idolator blog, the New York Times had a lengthy report on Guy Hands' tumultuous tenure as the head of beleaguered label EMI, and it's a pretty dense read, but five bits from the piece stuck out for one reason or another. One may be of interest to Beatles fans:
"Creative accounting" was the real impetus behind all those Beatles reissues and re-reissues.
"[A]ccording to Mr. Hands, the company was doing worse than commonly thought. An analysis by McKinsey and KPMG found that EMI had lost ?750 million ($1.5 billion) from selling new music over the last five years.
'We didn't believe it at first,' he said, explaining that the figures that EMI previously reported counted sales of re-releases of music from old acts like the Beatles as new music revenue."
(Click here to read the full article.)
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