As we've reported before, EMI has a new top executive. However, what we never really stressed before is that his name is Guy Hands, and that is extremely funny.
Anyway, in a memo that recently leaked, Hands (whom I picture as the lovable Hamburger Helper mascot) noted that "rather than embracing digitalisation and the opportunities it brings for promotion of product and distribution through multiple channels, the industry has stuck its head in the sand."
He went on to suggest that labels abandon their bloated, advance-based economic model, provide smaller amounts of funding for their artists to record and tour, and recoup a piece of all the gains or losses the artists then experience.
No proprietors of smaller labels could be reached for comment, because they’ve all been very busy either already subscribing to this business model or have been practicing it for years.
According to the memo, this all has something to do with Radiohead’s forthcoming digital release of In Rainbows (1) (2) (3), marking yet another time in which Thom Yorke slapping his name on something has caused the masses to hail it as the new guard. I expect the Spin article on my desk by next weekend.
Guy Hands!