New RCA Records CEO Peter Edge and COO Tom Corson have announced that they are officailly shutting down Arista and Jive Records. They'll be moving the artists from both labels to RCA.
Here's what Corson had to say about it:
"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."
"The concept is that there is value in branding RCA and not having it confused or diluted by other labels. 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."
And more from Corson about RCA's decision to downsize:
"We’ve learned to work with less and hopefully accomplish the same or more, but by definition, the business has shrunk – the staffing has shrunk, our rosters are smaller. But we’re still profitable."
And here's what Peter Edge had to say about it:
"Doug is intent on making A&R the focus of RCA and the new focus of Sony Music. The big initiative here is to spend more money on artist development, making more records and making better records and less on all of the other stuff. I happen to agree with him."
Our thoughts go out to all the men and women who have lost their jobs due to this restructuring by RCA.
Such a shame that it's come to this.
Tags: arista, downsizing, jive records, peter edge, profitable, rca, restructuring, rip, sad, sony music, tom corson