Neowin.net - EMI faces 2,000 job cuts

EMI faces 2,000 job cuts

Posted by EL1TE on 15 January 2008 - 19:21 · 7 comments & 3801 views

Guy Hands, the private equity owner of EMI, plans to cut up to 2,000 jobs at the ailing British music company, in a plan to rebuild the group which has sparked fury from some of its biggest acts. Hands, previously best known for investment in waste management and pubs, on Tuesday unveiled his plan to make the home to The Beatles more artist-driven after it was hit by online piracy, falling CD sales and a poor release schedule.

In the list of Britain's biggest-selling albums in 2007, EMI's highest entry was Lily Allen's Alright, Still at 26. The worldwide cuts will come at EMI's troubled recorded music division, which has some 4,500 staff of a group total of around 5,500. The shakeup, in which between 1,500 and 2,000 jobs will go, is designed to boost its roster of talent and increase Internet sales while reducing costs by 200 million pounds ($393 million) a year.

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#1 Posted by X'tyfe on 15 Jan 2008 - 19:37: EMI has seen the light, the future of music

so much for the RIAA

#2 Posted by daerid on 15 Jan 2008 - 19:43: As a musician who has been approached by a couple of EMI's child labels, I must say this news is very reassuring

#3 Posted by Axess1968 on 15 Jan 2008 - 20:26: Insert 'Guy Hands' joke here.....

(1 reply) #4 Posted by ThePitt on 15 Jan 2008 - 21:44: thats because p2p, no?

#5 Posted by MGS4-SS on 15 Jan 2008 - 23:43: Sucks to be an employee of EMI.

#6 Posted by bits on 16 Jan 2008 - 07:53: $393 million in what?

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