Are the remaining four major record labels having a tough time right now? How does losing $1.2 billion in a year sound?
That’s the sad, sorry state of EMI.
But not only did they lose more than a billion dollars, they’ve also seen their highest-profile artists, like Radiohead, Paul McCartney, and the Rolling Stones, leave the label to go it alone, to go it with Starbucks, or (possibly) to go it with LiveNation.
Where else can the label go from here? The day of the major label is officially done.
According to Variety, EMI’s after-tax loss in the year to March ballooned to $1.2 billion, a major increase over the comparatively paltry $456 million the year before.
That’s not restructuring. That’s getting paid to suck.