NY Post: Q&A With Lyor Cohen
January 21, 2008 at 5:21 AM (PT)
THE NEW YORK POST has a Q&A session with WARNER MUSIC GROUP Chairman/CEO U.S. Recorded Music LYOR COHEN in TODAY's edition. In it, they write that bragging rights in a slumping industry don't deliver much glory. Just ask WARNER MUSIC GROUP's LYOR COHEN. As the head of the company's NORTH AMERICAN recorded music operations he laid claim in 2007 to the most-improved performance among major record companies. Now he's off to a hot start in 2008 with rapper FLO RIDA, whose hit "Low" tops the singles chart this week. WARNER's stock, meanwhile, remains stuck in the cellar -- closing FRIDAY at $5.56 off 76% from its 52-week high of $23.37 -- as overall CD sales sputter.
I think the [hiring and firing] of creative executives in a haphazard way has hurt our sales and depressed the market in its own right.
THE POST: What's the biggest challenge facing the music industry today?
COHEN: Aside from the digital trauma that the industry has gone through, I think the [hiring and firing] of creative executives in a haphazard way has hurt our sales and depressed the market in its own right. Continuity in the creative management of companies is incredibly underrated. We discard people without contemplation of the knockdown effect and the time it takes to re-acclimate as a company.
Check out the full interview here.