Saturday’s outrageous events: Beatlemania on iTunes set to buoy EMI profits

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Beatlemania on iTunes set to buoy EMI profits

By Daily Mail Reporter
Last updated at 1:25 AM on 21st November 2010

EMI is set for a boost in profits after strong sales of Beatles songs on Apple’s iTunes download service, but the company has denied accepting unfavourable terms to sign the deal.

Beatles records are set to dominate the British and US single and album charts with 15 Beatles’ records, led by Hey Jude, expected to be in the UK Top 40 single chart when it is published today.

The music is available for download after a deal between the two surviving members and the heirs of the Fab Four and Apple computer company to sell the records on iTunes was finally reached last week. EMI, which owns the rights to The Beatles’ recordings, played a key role.

Fab deal: EMI owns the rights to The Beatles’ recordings

However, EMI denied suggestions in the music industry that it had accepted a significantly less favourable split in income from digital sales between the group and the company to get the deal done.

There has been speculation that EMI accepted substantially less than a half-share, with The Beatles taking most of the income. EMI said this was ‘absolutely not true’. The Beatles’ spokesman did not return calls.

Even with the profits boost, EMI is still expected to breach the terms of its bank loans in March without further investment.

EMI’s owner, financier Guy Hands, lost a court case against US bank Citigroup earlier this month over the deal and faces seeing ownership revert to Citigroup if the music giant cannot meet the terms of its loan.

In Britain, The Beatles’ compilation album ‘Blue’ (1967-70) is at number nine on iTunes, with ‘Red’ (1962-66) at number 14, while Sergeant Pepper is 17.

In the US, Abbey Road is number four with the White Album at number nine and Sergeant Pepper at ten.

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