EMI To Cut the Dead Weight...
Apparently, the new owners of EMI Music are all set to drop the artists on their roster whom they think aren't taking their careers seriously enough, as well as cut back on those big advances they've historically doled out if artists' recent record sales have been sluggish. "While many spend huge amounts of time working with their label to promote, perfect and endorse their music, some unfortunately simply focus on negotiating for the maximum advance ... advances which are often never repaid," new EMI CEO Guy Hands told London's Financial Times today. He also criticized the "compensation and management system [EMI] put in place over the last 20 years which does not encourage the right behaviors or reward the right actions." I guess when you buy a company for $4.9 billion, you have a right to see where all the money's going...
Looking over EMI's roster, it's hard to imagine that Coldplay, The Rolling Stones, Daft Punk, Norah Jones, the Beastie Boys, Interpol, and Kylie Minogue have much to worry about, but a few others ... well, they might wanna start shopping for a new deal or maybe pull a Radiohead.
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