EMI owner Terra Firma has put its first toe in the water for exiting the music industry and setting up a take-over by Warner Music. Warner has signed a deal to distribute EMI in South-East Asia.
This is the start of Terra Firma’s exit after their uneventful takeover of the historic EMI label last year.Terra Firma has failed to capitalise on the EMI investment ever since owning it. It has been quite the opposite in fact. The company has been bleeding artists and catalogue since the acquisition.
Artists are just not comfortable with the new EMI owners. It is more about business and profits and less about music and development.
Under the new deal with Warner, Warner will distribute the EMI catalogue across South East Asia and market the catalogue as well. Effectively, EMI will become an imprint of Warner in the region.
The contract covers Hong Kong, Indonesia, Malaysia, Singapore, Korea and Thailand.
It gives Warner the rights to Coldplay, Kylie Minogue and Pink Floyd.
The last 12 months have been nothing but bad news for Terra Firma directors. The company has lost Radiohead, Paul McCartney and Rolling Stones. All acts left of their own accord.
In Australia, John Watson’s Eleven Records departed for Universal with Silverchair and Missy Higgins attached.
EMI and Warner have been courting for years, but EMI has kept jilting Warner at the altar.
With a few big territories behind them, maybe next time Warner will manage to finally slip the ring on the EMI finger.
