EMI Memo Blasts Lazy Artists
11/03/07
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(antiMusic) "Mr. Hand since I'm here and you're here doesn't it make it OUR time?" What a different an s in a name can make as a memo at the "new EMI" issued by Guy Hands has leaked and shows he's a bit shocked at how the music business does business and he blasts artists that don't work hard enough for the label and instead focus on how much money they can get in advance money. Imagine that, a major record label executive concerned that artists focus too much on money. There is real irony in that. Wait until he starts reading the contacts the artists signed and learns where they go the idea from! The BBC has the story: The new owner of the music group EMI has said some of its artists are not working hard enough and its labels will become more picky in future. EMI was bought by Guy Hands' Terra Firma private equity house in August for £2.4bn. In an internal memo obtained by the Financial Times, Mr Hands set out his plans for the future of EMI. "Some [artists] unfortunately simply focus on negotiating for the maximum advance," he said. Unlike the investment banking world that Mr Hands is more used to in which bonuses are linked to performance, advances are paid to artists regardless of the success of their albums - "advances which are often never repaid", the memo bemoaned. - more on this story
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