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EMI To Cut 1000 Jobs Plus A Commentary

EmiThe total has now risen to 2000 job cuts.  See up to date details here and read our commentary below.

According to several UK newspapers, 1000 people will loose their jobs at EMI worldwide when Terra Firma's Guy Hands announces restructuring plans on Tuesday. Other cost cutting measures will also be put into effect.

Robbie Williams and other key EMI artists are refusing to release new product until the label's plans become clear. Hands is apparently reveling his future plans to staff, artists and managers simultaneously.

Read the full story Guardian story here and Financial Times coverage here.

HYPEBOT COMMENTARY: 

This is not good news for the staff at EMI, but sadly just this kind of dramatic shift may be exactly what is needed at all four major labels. Hopefully next week's announcement will also include real details of Hands plan to move the label group forward with signings, marketing, and new alliances. Some sources hint that the "new EMI" will be more focused in A&R and serving the artist.   

Sadly, I'm skeptical that this will prove to be like so many takeovers, buyouts and mergers that we've seen on the corporate world that wring savings and profits from existing assets, but do little to do build new ones. I hope I'm wrong.

WHAT DO YOU THINK?

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