While reporting a "strong set" of full-year financial results, British independent music company Chrysalis Group signaled Nov. 15 its intention to enter into the artist management business.
LONDON -- While reporting a "strong set" of full-year financial results, British independent music company Chrysalis Group signaled Nov. 15 its intention to enter into the artist management business.
Although details remain scarce on its artist management ambitions, Chrysalis chairman Chris Wright says the integration of an existing specialist into its music division would represent a logical strategic step." It will be of a peripheral nature, but still hopefully big enough so that it can contribute to the group," Wright tells ELW. "We can try and make it work for us by being involved in all aspects of an artists' income stream."
Wright says negotiations are ongoing with artist management firms in Los Angeles and London. "One deal is 90% complete, but looks like it might fall apart. Others might be announced any day," he adds. An artist management arm would complement the group's "virtual" label model, through which Chrysalis is planning to establish a presence in the United States early in the New Year.
When asked if the group was eyeing any acquisitions to beef-up its Heart, Galaxy and LBC radio brands, Chrysalis CEO Richard Huntingford refused to rule out any future purchases. "We'll go after any acquisition that fits our radio strategy, which is about major markets and being brand led. We are not going after overpriced, underperforming assets, because all that's going to do is dilute the overall quality of our portfolio," Huntingford says.
The Chrysalis Music division is comprised of the company's music publishing company, Lasgo, Chrysalis' U.K. wholesale distribution activities and the Echo record label.
Upcoming scheduled Echo releases include a new Feeder album "Pushing the Senses" in January, and a spring 2005 set from new signing Morcheeba, which the label recently picked up from Warner Music.