Starbucks has withdrawn from the music business and handed its record label Hear Music to the Concord Music Group.
Starbucks has withdrawn from the music business and handed its record label Hear Music to the Concord Music Group.The coffee chain made an aggressive move into music when it launched the Hear Music label a year ago. Hear Music gave heritage artists who are no longer played on radio an alternative outlet to promote their releases.
The first artist to release on Hear Music was Paul McCartney with the 'Memory Almost Full' album.
Since then, James Taylor, Joni Mitchell and Carly Simon have followed suit and released on Hear Music.
Starbucks started into the music business when it released Ray Charles 'Genius Loves Company' album with Concord Records.
The company share-price has been on a downward slide for the past year. It has dropped from $32.30 a share a year ago to $15.39 this week.
Starbucks withdrew from the music business so that the company could concentrate on core business.
