UPDATE #3:
- Hands & Co "believe EMI spends too much on marketing the acts already on its roster and not enough on finding new ones...as much as 30% of EMI's 13,000 artists never release an album - which Terra Firma feels is too many unproductive artists, many of whom need to be cut." - (WSJ)
- Employee reaction to Hands' morning presentation mostly positive. (Times UK)
- The Verve joins Coldplay and Robbie Williams in refusing to deliver new product to EMI until the company's plans become clear. (Guardian)
In addition to cutting 1500-2000 jobs, the future focus of a "new" EMI are emerging. According to the company the restructuring will include:
"Repositioning EMI’s labels to ensure they will be completely focussed on A&R and maximising the potential of all their artists"- "Developing a new partnership with artists, based on transparency and trust, and helping all artists monetise the value of their work by opening new income streams such as enhanced digital services and corporate sponsorship arrangements
- "Bringing together all the group’s key support activities including sales, marketing manufacturing and distribution into a single division with a unified global leadership"
- "The elimination of significant duplications within the group to simplify processes and reduce waste"
"The changes, which will be implemented over the next six months, will enable the group to invest more in its A&R operations both to identify and sign promising new artists and to maximise the potential of its existing roster."
The devil will be in the details. Stay tuned as we gather more info on Hand's various meetings today and tomorrow with staff, artists and managers.
More coverage and our commentary here.
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