And so back to Guy Hands, and EMI, and the pending roster/label/jobs cull.
According to Music Week, the EMI boss has confirmed that the much reported rumour that 2000 jobs will go at the major is true. He has also confirmed reports that sales, marketing and distribution will be merged into a single division, while A&R teams can also expect to be integrated. Hands says that the changes will be introduced over a three month period, that many of them have come from internal proposals, and that the all new EMI will be "the world's most innovative, artist friendly and consumer-focused music company".
Music Week quote the EMI chief thus: "We have spent a long time looking intensely at EMI and the problems faced by its recorded music division which, like the rest of the music industry, has been struggling to respond to the challenges posed by a digital environment. We believe we have devised a new revolutionary structure for the group that will improve every area of the business. In short it will make EMI's music more valuable for the company and its artists alike. The changes we are announcing today will ensure that this iconic company will be creating wonderful music in a way that is profitable and sustainable".
PS: Some in the financial press are speculating that Hands has opted for more severe cuts than originally planned because he is under pressure to pay back the £2 billion he borrowed from Citygroup to help finance his EMI acquisition. Citigroup themselves are going through tricky times, and are reportedly about to announce their own job cuts, which could surpass 20,000. Still, they're bankers, so, probably had it coming.