There was speculation over the weekend that the Rolling Stones had followed in the footsteps of Paul McCartney, Radiohead and others by leaving their tired record labels for more creative revenue streams with promoters and merchandisers. However, EMI can breath a sigh of relief (for now), because the Stones have squashed the rumors.
Ever since sophisticated financiers have tried to catch the falling anchors of outdated record labels (see Bronfasauras), artists have been on a moneyless train to nowhere, and are now forced to seek alternative ways to monetize their work (see Madonna and Jay-Z's 9-figure deals with concert promoters, Radiohead's consumer-priced album release and McCartney's Starbuck's partnership). Record labels' roles are getting phased out in the wake of a shopping spree by PE shops for the big 4 (Bronfman with Warner, Guy Hands' Terra Firma with EMI); and these financiers, knowing little about the business to begin with, have only hastened its demise. Coldplay, a band with EMI, agreed to release their newest album under the label's name only if EMI paid for an outside marketing and branding firm (because the internal A&R and marketing at EMI is a complete joke, mostly due to Hands' cost cutting and ridiculous focus on social network marketing).
Seems like Coldplay's move paid off...they now have the highest number of pre-sales for an album in iTunes history. Good work fellas.
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