2008 is shaping up to be a shitty year for some people - some 2,000 employees for the fourth largest music label in the world, EMI. EMI, which is under new leadership, will reportedly cut some 2,000 jobs most likely in the marketing category. According to the Sunday Telegraph, new chairman Guy Hands will cut the label's marketing budget by 8%. The previous marketing budget was set at 20% of projected sales and will now be 12%. Hands has the intention to boost spending on the A&R (artist and repertoire) front. This basically says he wants EMI to find new talent than blow its cash on its old roster, which includes Coldplay and Robbie Wiliams.
Rumors ran vampant last week that both Williams and Coldplay, the label's biggest artists, were contemplating ditching the label. However, the British paper also reported that the label would be ditching bands themselves too, bands they didn't believe worked hard enough for the label. A list of current EMI artist is available here.
This is part of Hand's restructuring of EMI, which his private equity firm, Terra Firma purchased last year in a billion dollar deal.
Hands wears the suit
