THE IRISH arm of international music giant Sony Music Entertainment suffered a 50 per cent drop in pre-tax profits last year, writes Gordon Deegan
Against the background of dwindling CD sales, accounts for Sony BMG Music Entertainment (Ireland) Ltd show pre-tax profits dropped from €4.28 million in 2006 to €2.11 million last year.
Last year sound recording sales across the industry in Ireland had dropped to €102 million from €146 million in 2001 due to illegal downloading and other factors, according to industry group Irma.
In accounts recently returned to the Companies Office, Sony BMG Ireland sustained a 21 per cent drop in turnover from €26.17 million in 2006 to €20.68 million last year. The principal activity of the Dublin-based company is marketing and sales of CDs, DVDs and videos in Ireland.
According to the directors' report attached to the accounts, they are satisfied with the performance of the company for the year "in view of the performance of the European operations".
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