Guy Hands, the private equity boss who bought troubled music label EMI last summer, is prepping another memo for the troops explaining his plans for the company. But he’s expected to keep the most relevant information — the extent of his coming job cuts — to himself. So what’s he going to talk about? Nothing new.
Mr Hands, chief executive of Terra Firma, the private equity group, said in an internal e-mail that the theme of next Tuesday’s meeting would be the “importance of keeping artists at the heart of what we do”, “understanding the needs of the consumer” and “tackling digital challenges”.
A source said that Mr Hands was also expected to outline to staff his desire to provide artists with a fuller service, by moving into new areas, such as touring. “I and my colleagues have spent a lot of time hearing the views of artists, staff and business partners,” Mr Hands said in the e-mail.
Mr Hands is keen to provide greater incentives for artists than those traditionally offered by the music majors, because the rise of digital downloading has changed the needs of the consumer, making artists less dependent on remaining with a large record label.
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