The Rolling Stones have quit their record company after more than 20 years. EMI will not be responsible for the band’s future albums, a huge blow for a company already reeling from the loss of major acts. Instead The Rolling Stones’ new records, and their huge back catalogue, will be managed by Vivendi Universal.
Other recent departures from EMI include Radiohead, who decided not to renew their contract, and Paul McCartney who moved his latest album to a music label created by Starbucks.
EMI was recently taken over by venture capitalists but has failed to boost flagging sales. Robbie Williams and Coldplay are also said to have expressed unhappiness at changes in the company.
The spur for The Rolling Stones move was a deal with Viviendi Universal for the soundtrack from the ‘Shine a Light’ documentary.
EMI will remain responsible for the bands publishing rights.