EMI has said it will remain a member of the International Federation Of The Phonographic Industry.
As previously reported, the major had threatened to quit the global trade body after newly appointed EMI top man Guy Hands criticised the high costs of record industry trade organisations. It called on the IFPI to review its costs and operations, and tendered its resignation so that it could quit the body as soon as that review was done if it wasn't happy with what the association's management's recommendations.
There have been a number of meetings between EMI and the IFPI and the other major labels since the resignation tender, and seemingly those discussions have satisfied Hands that his concerns on costs have been addressed, because EMI Music International chief Jean-Francois Cecillon confirmed yesterday that his company's resignation had been withdrawn and that they'd continue to work with the trade body as a paid up member.
The trade body will reportedly implement a number of cost saving measures that will cut the investment EMI and the other majors have to make moving forward, though details of those cuts are yet to be disclosed.
IFPI chief John Kennedy welcomed EMI's decision yesterday, telling reporters: "I am delighted that EMI has decided to continue working with IFPI. It is extremely valuable for us to have their support in trying to address the many different challenges the recording industry is facing and addressing".