The Firm Launches Label
July 7, 2006 at 12:49 PM (PT)
Management company THE FIRM is launching a new music company, with records to be distributed by EMI MUSIC in the U.S. and licensed globally. The new music company will split all profits with the artists signed to the label rather than utilize the traditional royalty structure. MANDY MOORE and rock group ARMY OF ANYONE, featuring former members of FILTER and STONE TEMPLE PILOTS, are the first to sign to the company.
Commented THE FIRM CEO JEFF KWATINETZ, "This is an opportunity for THE FIRM to create a new music business model that shifts power back to the artists and the focus back to the music itself. While many in the music industry are pessimistic about the future, we think the possibilities are limitless if we can find fresh ways to support and nurture great art and the talent that creates it."
"EMI is delighted to distribute THE FIRM's music company in the U.S. and bring its artists to a global audience. THE FIRM's label roster will be another strong American repertoire source for EMI worldwide," said EMI MUSIC Vice Chairman DAVID MUNNS. "JEFF shares my view that our changing industry sometimes calls for breaking the mold and pursuing new business models."
The new music company, which has not yet been named, will be housed within THE FIRM's BEVERLY HILLS management offices.