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Posted in industry | music on April 25, 2008
Starbucks steps back from music business
Starbucks Corp. will pull back on its entertainment division, turning over the day-to-day management of its Hear Music record label to Concord Music Group.The announcement came with news that their stock is not doing that great anymore.
Starbucks started the Los Angeles-based music label in March 2007 and had signed such acts as former Beatle Paul McCartney. Concord, of Beverly Hills, Calif., will assume responsibility for current and future Hear Music artists.Ken Lombard, who ran Hear Music for the past year, "has left the company to pursue other business interests," said officials at the Seattle coffee giant (NASDAQ: SBUX), in a statement. [Business Journal]
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Posted on April 25, 2008 9:07 AM
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Comments (6)
Shit. I guess this means we won't be hearing the new Antigone Rising rekkid anytime soon. ; (
Posted by Anonymous | April 25, 2008 9:27 AM
well that lasted long
Posted by Anonymous | April 25, 2008 11:22 AM
http://www.wickedsunshine.com/WagePeace/Consumerism/Images/ConsumerWhore.gif
Posted by Anonymous | April 25, 2008 11:39 AM
Starbucks isn't interested in expanding minds, just the bottom line. Otherwise, they'd be giving away MP3s, sponsoring tours, investing. Rather, they just want to cherry-pick. As Gary Borman says, on no longer favorable terms.
Posted by Bob Lefsetz | April 25, 2008 1:54 PM
Just yeaterday I noted my local Starbucks doesn't have a single record and just one lonely download card left in stock - the business has obviously gone to seed.
And LOL @ 9:27.
Posted by joly | April 26, 2008 1:57 AM
that is a fantastic photo.
Posted by KittyWright | April 26, 2008 9:56 PM