Hole said one of EMI’s dilemmas had been its unsuccessful attempt to run the business of its various label groups, including Virgin Music and Capitol Records, under one umbrella.
Said Hole: "We operate a multi-label structure, something that had declined at EMI. We have four to five competing labels with separate P&L centers that compete internally. That had disappeared at EMI. They have different labels, but the P&L was centralized. We shall reverse that. Virgin will be Virgin again; Capitol will be Capitol again."
He also noted the company, as well as the industry in general, plans to focus more of its attention on emerging markets in
"For the first time, we can communicate with millions of consumers in different parts of the world," noted Hole. "The focus in the last 40 years has been on major markets like the
Hole also pointed to more foreign-language acts gaining international exposure in the manner of viral sensation PSY and K-Pop group Girls’ Generation, who are already in the studio for UMG’s Interscope label.
"It won't be long before you see Chinese and Japanese acts also doing well internationally," he added, noting investments in these artists are essential if the industry is to continue to expand.
Hole also pointed out how major labels would prefer to license their music to technology businesses as opposed to investing directly in digital media platforms, citing the opening of a UMG branch in
"We are not in the technology business; we would leave that to other people. Our investment in VEVO, for instance, was more a question of us and Sony feeling that MTV built an entire business on our creativity and we missed a trick. In the streaming-video age, we don't want the same thing to happen again."
THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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