After experiencing success handling recording company functions for Ice Cube’s Lench Mob Records, artist management company The Firm has launched a new music company distributed by EMI.
The Firm handled A&R, marketing, promotion and publicity for Ice Cube’s Laugh Now, Cry Later, which was self-financed by the rapper.
The album, distributed by EMI, debuted top 5 in the U.S. three weeks ago.
The new company will split all profits with artists on the label, bypassing the music industry’s traditional royalty payment structure.
The first artists signed to the new imprint include Mandy Moore and rock group Army of Anyone, which is comprised of former members of Filter and Stone Temple Pilots.
“This is an opportunity for The Firm to create a new music business model that shifts power back to the artists and the focus back to the music itself,” said The Firm’s CEO, Jeff Kwatinetz. “While many in the music industry are pessimistic about the future, we think the possibilities are limitless if we can find fresh ways to support and nurture great art and the talent that creates it.”
The Firm has not selected a name for the label, which will be housed within the company’s Beverly Hills’ offices.
Snoop Dogg, David Banner, Ice Cube, Jermaine Dupri are among the rappers managed by The Firm.