Speaking at the annual Midem conference, Levy said the music industry was going through a huge transition at the moment, with new business models for mobile and Internet services appearing all the time.

"I think altogether today there is an exaggeration in the industry," he told the conference. "Of course it is not doing that well, but look at us, we have flat revenues, a good two digit margins and it's not as dark as what many people describe." - He's not done yet.

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