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EMI taken over by Citigroup

Reactions from music industry experts have come quick and fast following the news that the Citigroup bank has taken over EMI records.

The label’s roster includes Lily Allen, Pete Doherty, Katy Perry, Coldplay, Robbie Williams and Gorillaz.

Speaking to the NME, former Creation Records boss Alan McGee predicted that the bank will find it tough offloading the label to another buyer.

EMI is still a great British label,’ he said. ‘Their publishing catalogue is still worth a lot of money, but unfortunately these days no f*cker wants to buy a record company. And unless the government clamps down on illegal downloading, that's always going to be the case, because downloading has murdered the industry.’

But Ben Cardew, editor of MusicWeek, said that the move may in the long run be in EMI’s best interests.

’EMI will come through this. It's been doing well, they're still breaking artists like Tinie Tempah. And the publishing arm still does really well,’ he said.

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