EMI–the corporate overlord of such labels as Capitol, Blue Note and Astralwerks–canned two music executives this morning, setting off the usual we’re-all-doomed panic attacks:
Raising a distress flag in the digital storm sweeping the music business, EMI has parted company with two top executives and warned investors that full-year sales will be far below expectations…
EMI, the world’s third-largest music company, surprised investors Friday by announcing the departure of EMI Music Chief Executive Alain Levy and Vice Chairman David Munns following worse-than-expected Christmas sales…Analysts said EMI’s woes were a mixture of its own mistakes, some bad luck with its releases and the twin digital challenges of piracy and legitimate downloading.
We’re guessing that two of those “bad-luck releases” were Keith Urban’s unpromotable Love, Pain & the Whole Crazy Thing and Janet Jackson’s unlistenable 20 Y.O. And it certainly didn’t help that three of the company’s biggest acts–Gorillaz, Coldplay and Norah Jones–didn’t have a 2006 release. But hey, they’ll always have Chingy!