EMI Closing Asian Offices - Major Labels’ Global Foibles Exposed
With Guy Hands ringing in the changes at the helm of EMI and as a follow-up to the announced huge layoffs - reported to number as many as 2,000 - some of it will manifest itself with the closure of a significant number of EMI offices in Asia including their regional office in HK.
Though no official announcement has been forthcoming and the final body count for Asia is still being worked out, an unnamed source has indicated that this will likely happen in June as previous reports from Billboard and One Two Music indicating March 26 as D-day have been proven to be wrong.
Already, EMI has effectively closed offices in Thailand and Singapore whilst those in Japan, India, Australia and China will remain to some level of direct EMI jurisdiction especially on the digital front. It is believed that EMI is currently in talks to license a partner to manage their catalogue in Asia, and rumours have Warner Music as the front runner.
Looking at the balance sheets from a purely financial viewpoint, it probably makes sense for Guy Hands to close any unprofitable operations as they currently exist, especially as overpaid label executives who cannot pull their weight in drawing the required revenues from the market combined with the now legendary ‘fruits and flowers’ expenses serve to impede his aim of expediently flipping the company for a quick profit. A cursory examination as reported by One Two Music...
