EMI Memo Blasts Lazy Artists
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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