Ex-Beatle, Paul McCartney Moves Solo Music from EMI to Concord

by Jordon Chiarelli | April 21, 2010 at 09:22 am

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Paul McCartney has signed a deal with the independent record label Concord Music Group, which will take away all of the former Beatles’ solo work from the Europe’s biggest music label, EMI Group Ltd.

McCartney’s record contract with EMI expired in 2007 and his 2 latest albums have been released on Concord, but now that Concord has rights to all the music, the independent label will begin releasing back catalogue beginning with 1973’s, Band On The Run.

McCartney, according to Nielson Soundscan, sold 355,000 records in 2009 and 127,000 in 2008. The Beatles, whose catalogue remains in the hands of EMI, sold 30.2 million records in the US alone, in the past decade.

Other Bands Leaving EMI

McCartney joins the likes of The Rolling Stones and Radiohead who have left EMI in recent years. Legendary bands such as Pink Floyd and Queen have also been in talks about leaving EMI.

"The London-based label was acquired by private equity firm Terra Firma Capital Partners Ltd. for 4 billion pounds ($6.2 billion) in 2007 and is now trying to raise money to meet debt obligations."

Source: businessweek.com

Terra Firma financed the purchase with 2.5 billion pounds of debt from Citigroup Inc.

"The firm is now attempting to raise 360 million pounds ($551 million) by the middle of June to help the label meet debt obligations until 2015."

Source: businessweek.com

The End of the Corporate Music Industry

The trend of major record label bands leaving their long-time homes for independent labels is nothing new. Bands such as, Sonic Youth, signed with New York independent record label, Matador Records, when their recording contract with David Geffen Company expired in 2009.

Many contemporary artists are in favour of independent record labels instead of major labels because there is more creative freedom, less pressure and less money involved.