Fri Nov 2, 7:49 AM ET

 

 

 

LONDON - The new owner of EMI Group PLC has said he will drop artists the music group believes are not working hard enough and will overhaul the company's own executives' pay packages, the Financial Times reported Friday.

 

EMI, which has Coldplay, the Rolling Stones and Kylie Minogue on its roster, also threatened to withdraw stars' lucrative advances if record sales are disappointing, the FT said, quoting an internal memo to staff from the chief executive of the private equity firm that bought the company in August.

 

Guy Hands, the CEO of Terra Firma Capital Partners, said the company would in the future be "more selective in whom we choose to work with."

 

"While many spend huge amounts of time working with their label to promote, perfect and endorse their music, some unfortunately simply focus on negotiating for the maximum advance ... advances which are often never repaid," Hands said.

 

The report said the memo did not name any artists. The company, which Terra Firma bought for $4.9 billion, has been plagued in the past by late delivery of albums by some of its biggest acts.

 

Hands also criticized EMI's "compensation and management system put in place over the last 20 years which does not encourage the right behaviors or reward the right actions."

 

"What worries me is that the existing structures have been put in over a couple of decades and unpicking them in a way that releases the good in the company is not going to happen overnight," he added.

 

EMI did not immediately return a call for comment Friday

 

hmm.... it's bye-bye Kate Bush, then, surely?

Typical EMI blaming everyone but themselves. They are the single worst major record company in the world when it comes to promoting their artists. They are completelly out of touch with todays music industry and downloading etc, yet they wonder why they have been losing so much money for so many years now. And it really is'nt a smart move to be blaming the acts, as any of the major acts can esily do what Radiohead have done and release music via their website. Record companies really are not that important these days compared to what they were.

The only good company there is is Sony BMG, and that isnt even that good so god knows what EMI are like. :lol:

hmm.... it's bye-bye Kate Bush, then, surely?

 

nah more like bye bye Heavenly Records

Shakira is on that label, doesn't promote much but she still makes that label more than enough money. Jessica simpson doesn't promote and doesn't make money, so it could be bye bye jess.