The EMI sale is still dragging on, as CitiGroup hasn’t reached a deal with any company for any arm of the EMI empire. But they might have a bigger problem in the interim: Artists with expiring contracts taking their business elsewhere.
David Bowie is reportedly mulling leaving the label that has had his publishing rights for the last ten years, as his deal is up in January. Bowie’s deal with EMI has been profitable, since his catalog still sells a lot, and it guaranteed Bowie 25 percent of his wholesale royalties.
CitiGroup has to probably move quick, because I imagine any artist with an expiring contract is going to bounce too. [MusicWeek]