By Robert Andrews

Looks like that turnaround plan may take a while longer to, well, turn things around. EMI losses more than doubled in the year Terra Firma took over; from £287m in the year to March 30, down to £757 million. More worrying - though Terra Firma forecast 51% digital revenue growth in the recorded music division, it only got 29%, with digital sales themselves up 19% to £166 million. In the publishing division, digital income was up from £25.2 million to just £27.5 million.

In fairness, what chairman John Birt calls "continuing underperformance" is, in part, down to restructuring costs and revaluation of the business - but the ex BBC director general acknowledged some folk reading his annual report statement "may well be struck by the forthright presentation of problems and the absence of rosy assurances about the future". Indeed, he looked back on the mess Terra inherited with plenty of honesty and resentment. Here's what EMI's digital cock-ups have been, according to Birt…

• Missing figures: When Terra took over last year, EMI wasn't even keeping comprehensive figures on digital sales, Birt said: "One of the reasons EMI Music was losing customers was that it had limited information on the changing tastes and buying behaviour of customers, particularly those buying through new digital channels. There was also insufficient information to be able to get an accurate picture of how unprofitable to EMI many individual artists were."

• Digital underperformance: "Research conducted post-acquisition showed that EMI Music's digital sales had grown more slowly than the digital market (overall): only 115% between 2005 and 2007 against market growth in the same period of 148%."

• Anti-social: "In 2007, (EMI) still lacked any relationship with the social networking sites that were becoming an important route to market." It's own corporate commitment to digital was merely "limited ... a strategic group disconnected from the main technology workforce across the company".

• Slow to digitise: "EMI Music has not yet fully digitised more than a moderate percentage of its catalogue. Even today, only around 30 to 35% of the part of the catalogue in CD format is available for downloading."

For next year, Birt forecast "significant improvement", planning on cutting 1,500 jobs and up to £100 million costs by year's end, as well as getting on top of the reporting paperwork.

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