‘It’s All Over Now’ - Embattled EMI loses another major act
Posted by: in Marketing and AdvertisingFiled under: Products and services, Starbucks (SBUX), Marketing and advertising, Employees, Private equity
Privately-held EMI Group is just not having a very good week, what with announcing painful changes in the works, and the prospect of several huge name artists threatening to withhold new albums until certain assurances from the label are met. Now comes news that longtime EMI act The Rolling Stones will be leaving the label at the end of the band’s current contract in May to join industry giant Universal Music Group, owned by Vivendi.
The difference in a large name like The Rolling Stones leaving EMI and say, Radiohead (who have also left since Terra Firma’s takeover) leaving, is that the Stones departure follows the company’s decision to eliminate 2,000 jobs worldwide.
Any real connection between the Stones’ decision and EMI’s layoffs is likely limited, since a new deal with another label has likely been in the works for a few weeks or months. However, the band was likely aware of the treatment other artists seemed to be encountering and the difficulties that were arriving after the Terra Firma buyout in August. The band has been signed to EMI since 2003, in a deal estimated at
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