Old Stars Set For Retail Comebacks?
June 26, 2007 at 7:03 AM (PT)
Some veteran rock artists like the ROLLING STONES and THE ALLMAN BROTHERS BAND have never really gone away. But anybody up for a new PETER FRAMPTON disc? How about STYX? IRON MAIDEN? KRS-ONE?
FORBES reports it's the latest unlikely development in a music industry turned upside down. As sales of recorded music continue to their alarming decline, record labels are searching for underserved market niches. SONY BMG and UNIVERSAL MUSIC GROUP think they've found one: They believe there's new money in new music from old stars.
That's why SONY BMG's BURGUNDY RECORDS is now home to R&B powerhouse CHAKA KHAN, '80s pop diva GLORIA ESTEFAN and even the queen of disco herself, DONNA SUMMER. NEW DOOR RECORDS, part of UMG, released new albums by FRAMPTON, '70s arena rock favorites STYX and MOTOWN legend SMOKEY ROBINSON last year.
"Whether it's coming from retail or music lovers in general, it's evident that there's a void in the marketplace for these artists that are still so vital and still have something to say,'' says BURGUNDY's MATT STRINGER.
"If you have a catalog, you've got an asset that you've already paid for," NEW DOOR EVP RICHIE GALLO says. "You never know when someone strikes a chord again with an audience."