EMI Ireland's pre-tax profits fell by 74% from €1m to €288,822 in the 12 months to the end of March this year, according to newly released accounts

EMI’s roster includes Katy Perry, David Guetta, Blur, Lily Allen, and Coldplay. But, despite the impressive line-up, revenues at the company have declined by 9% from €10m to €9.1m during the year.

The directors’ report accompanying the figures states that "economic recession, physical piracy, illegal downloading and growing competition for discretionary consumer spending and ...