In what is definitely going to be a back shock and shake up, music company EMI have been forced to drop dozens of acts in a £1.2 billion takeover.
The European commission has approved Universal Music’s takeover of EMI, under the condition that EMI must drop most of their valuable assets i.e. artists.
Acts to be affected by the shocking label re-arrangements include Tinie Tempah and Lily Allen.
With fellow British act The Gorillaz joining the split, it’s uncertain at this stage whether or not the listed acts, who remain under imprint Parlophone, will find new global distribution partners for their future releases. A spokesperson for Universal said:
We are delighted Universal Music will retain over two thirds of EMI on a global basis, the acquisition will benefit the artistic community and music industry.
It’s said the new stipulation was put in place in order to minimise income for Universal Music, to ensure that it doesn’t become too powerful within the music industry.
Sounds like a budget cut situation to me. Everyone knows that the music industry is a business first and you are given a budget to make an album, videos, promotion etc. If you don’t make the money back for the label, they are liable to drop you.
I’m quite surprised Tinie was dropped, he had a very good year last year commercially and he was all over the place with promotional runs. Perhaps it is a long term decision based on his inability to conquer the all powerful US market. Lily? Not so much, she did say she was looking to retire and her last release was three years ago.
The artists are not strictly without a label, instead their actual labels have been dropped by the behemoth that is EMI. Still, the implications are potentially huge as Parlophone may feel a ripple effect and be forced to shed artists themselves.
I guess we’ll have to wait for an update on the situation as it comes, I’m really looking forward to hearing what Tinie has to say on the matter! *grabs popcorn and Coke*