8, it made the Top Five before the movie opened in May.Ĭohen's separate branding unit is another first. It worked with the song Hero, written and performed for Spider-Man by Island artists Chad Kroeger and Josey Scott. The idea is that Island Def Jam can help studios hype flicks ahead of their release, and movies can help promote artists and their songs. Movie soundtrack sales were down last year, but Cohen decided it made sense to start up a soundtrack division anyway. Ashanti has gone triple platinum, with 3 million CDs sold so far. Fans in the first two weeks paid only about $12, depending on the store, but latecomers have paid about $17 ever since. Ashanti's debut CD sold 523,000 units in the first week under this scheme in April, the single largest debut of a female artist. Then, after two weeks, when the discount has presumably spurred sales, he jacks up the price to an even higher level than normal for a new artist. So on some releases for new artists, he's offering a $2 rebate to customers- and a rebate to retailers as an incentive to go along. "Remember, it's all about breaking acts," he says. But Cohen says he's out to make a splash and get his artists recognized even in today's cacophonous music market. "I don't grasp the economics," sniffs one music exec. For one thing, cutting prices sends out a message that music isn't worth much, say critics. That's a bright spot in a rather bleak music scene, but Cohen's latest initiatives are still roiling the industry. Market share of current albums by Island Def Jam has grown from 5.4% in 1999 to 8.23% so far this year-and sales are expected to rise 25% this year, to about $700 million. Rock label Island was added to his mix after Universal bought Polygram. Born in New York to Israeli parents but raised mostly in Los Angeles, he founded Def Jam with rap impresario Russell Simmons and producer Rick Rubin in 1984 and sold it to Universal 15 years later for $120 million. It's all about what's credible to fans." So far, Cohen has proved he can read fans' appetites. "You have to wrestle with whether you're in business for the sheer magic of the music or the sheer need to make money. "It's a tightrope walk," says Simon Williams, CEO of brand consultant Sterling Group. The risk, of course, is that commercializing his artists too much will alienate fans. music sales were down 13% on a unit basis in the first half of 2002, after an 11% drop for all of 2001, according to music-sales tracker Soundscan. Now, as head of a thriving collection of labels whose 70 artists range from R&B newcomer Ashanti to Jersey rock icons Bon Jovi, he's goosing revenues in new ways while the rest of the industry continues to feel victimized by CD piracy and Web file-sharing. Cohen, 43, has thumbed his nose at the status quo ever since he came on the scene in the early 1980s as a road manager for Run-DMC following a successful stint promoting rap acts on the streets of Los Angeles. But it's not just because of his incendiary tongue. Needless to say, Cohen is persona non grata among industry brass. If you put our executives against the Fuller Brush men, I would choose the Fuller Brush men any day." "And that's how we got into trouble in the first place. "Our industry is run by fat, lethargic, incompetent people," he snarled. Speaking at a September marketing conference sponsored by Rolling Stone, the imposing 6-foot, 5-inch CEO of Island Def Jam Music Group let loose. West has been signed to IDJ for his own music since his debut album, ‘The College Dropout’.Lyor Cohen couldn't help himself. We look forward to working closely with the new and established artists that he will be bringing to GOOD Music, which is already off to an impressive start with Big Sean”. As a recording artist and a producer over the past eight years, there is no one who has made a greater impression on the game than Kanye.
The first release under the new deal is Big Sean’s debut album, ‘Finally Famous’, which is out today in the US.Īnnouncing the deal, Barry Weiss, the Universal exec who oversees IDJ, told reporters: “GOOD Music is an exciting new chapter in the long and successful association of Kanye West and Island Def Jam. GOOD releases have previously had different distribution partners for each record. Island Def Jam has signed a new deal with Kanye West which will make the rapper’s label GOOD Music an imprint of the Universal subsidiary.
Business News Deals Labels & Publishers Kanye West’s GOOD Music joins Island Def Jam By CMU Editorial | Published on Tuesday 28 June 2011