January 26, 2007

The Passing of a Famous Name [8:48 am]

EMI Merging Record Labels and Ousting Capitol’s President

In the United States, the world’s biggest music market, the cutback is expected to represent the effective end of Capitol as a stand-alone label, though EMI will continue to occupy its offices, a famed cylindrical tower that opened its doors in Hollywood in 1956.

As usual, the LATimes coverage (pdf) has a little more “inside baseball:”

But Art Alexakis, singer of the band Everclear, which has been on the Capitol roster since the 1990s, said he believed that the move signaled EMI would be on the sales block soon.

“I think really it’s no secret that they’re bringing in people to get the place in shape so that they can sell it,” Alexakis said. “The only way to make it look profitable on paper is to downsize. The heyday of the entire music business looks to be long gone, and so I think now you see companies trying to figure out what’s next.”

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