Like the Warner Music Group, EMI is not owned by a larger media conglomerate. The London-based business has a foothold in several aspects of the music industry, from labels to distribution, manufacturing, studios, and the Internet. Its recorded music division oversees 1000+ artists, and its music publishing branch owns the rights to over a million songs, making it the world's largest catalog. Sales for 2003 were $3.42 billion, down from $3.8 billion in 2000.