In uncertain market conditions, it remains difficult to predict the outcome for the full year. The final results will depend critically on market trends which have shown some deterioration in the past two months.

We remain confident that digital music will return the industry to growth in due course.

I'm not persuaded by the argument that a single price deters piracy, ... I'm not persuaded of the fact that a lower price deters piracy. What I am persuaded of is that making music more convenient and better value is a deterrent to piracy.

This is not about raising prices. It's about getting the most effective charging structure.

Piracy remains a real problem for virtually every sector in every country in the world.

Today's results show that EMI Group had a successful first half, delivering significant growth in both revenues and profits, and that both our recorded music and music publishing divisions made good progress during the period,