| Label Dissolves Several Subsidiaries
RCA Records has closed three of its most well-known subsidiary labels. Jive, Arista and J Records have officially been dissolved. RCA CEO Peter Edge says that the label is looking to expand its business and revamp its image and those three labels were among the less profitable. "What we're witnessing - finally, maybe - is the digital turnaround that's long been discussed, where people feel comfortable buying music and building their collections digitally," he explained. "The path we've taken is to refresh RCA, so we're going to retire those brands. There may be a reason down the line to bring them back, but it's a clean slate here...[t]he concept is that there is value in branding RCA and not having it confused or diluted by other labels. RCA is big now. We've doubled our market share, and we're competing with the top label groups in the industry. I was at J when it started, Jive's a wonderful moniker, and Arista speaks for itself. They're all great, historic labels. But our goal is to refresh and rebrand RCA. And the artists have all been supportive. We didn't make this move without consulting our artists, and we haven't had any push-back. Frankly, they're the brand. We're defined by our artists." "We've learned to work with less and hopefully accomplish the same or more.," he added. "But by definition, the business has shrunk - the staffing has shrunk, our rosters are smaller. But we're still profitable. Like any other business, you have to make money. But we're an efficient machine." |
Source: http://www.hiphopblog.com/news-mainmenu-35/25445-rca-closes-jive-arista-a-j-records.html
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