It was announced earlier this week that major record label EMI has been fully acquired by the American financial company Citigroup. This is a significant event on several different levels. First, this means there is no longer a British owned major record label. That might not sound very significant, but just think back at the influence British music has had on the rest of the world.
Next, we need to consider the size and value of EMI Publishing's catalogue. To put it simply, it is the largest in the world, containing the catalogue of songs from major iconic artists such as The Beatles and The Beach Boys. Many companies, including some of the other major labels, will be putting together packages and proposals in hopes of buying or acquiring this catalogue. I'd be willing to bet that the other three majors would swap their current publishing catalogues with EMI, that's how impressive it is in comparison.
The fact that Citigroup is now controlling EMI is very interesting. They are essentially an investment company that acquires businesses and companies and ideas, develops them, and then gets rid of them once the return on investment is high enough. I wouldn't be surprised if Citigroup sells EMI by the end of the year, and I almost certainly see it happening within two years. It just doesn't make sense to have people running a major record label that don't know squat about music, right?
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