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Music giant EMI has issued a profit warning, claiming that weak sales in the music industry over the Christmas period could see up to a ten per cent decrease in revenue for its music arm.

In its latest update to the stock exchange, the group said that both revenues and profits were below expectations.

"This has resulted from weak market conditions, particularly over the Christmas period, and lower than expected sales from EMI Music's portfolio of second half releases to date," a statement released this morning said.

Before Christmas music retailer HMV, which carries many of EMI Music's titles, also released a profit warning claiming that an unexciting Christmas music chart was impacting on sales.

"You can draw your own conclusions but this week last year we had Eminem as number one, we had Robbie Williams, we had Westlife, we had James Blunt, we had Madonna, Kelly Clarkson. This year we have got Take That, we've got Oasis, Westlife," HMV's chief executive Alain Levy said in the week before Christmas.

EMI's profit warning provided details on management changes, including Mr Levy's departure.

Mr Levy, who has held the top music job since October 2001, will be leaving along with vice chairman David Munns.

Eric Nicoli, executive chairman of the EMI Group, will be taking role of chief executive for the EMI group, with direct responsibility for the management of EMI Music.