Steve Rifkind has launched a new label and renegotiated a pressing and distribution
(P&D) deal with Universal Records.
Rifkind, who is
credited with introducing the concept of the "street team" to the
music industry, is also the founder of the seminal record label, Loud Records.
Rifkind said the
new imprint has been dubbed SRC2, although the name is certain to change.
The label's status
with Universal was the subject of speculation after hit singles by David Banner,
Terror Squad and Remy Ma failed to translate into record sales.
Remy Ma and Banner
both have been vocal about the handling of their projects.
deal now allows him the freedom to grow the label and develop artists signed
to the imprint.
Loud and doing what we did at Loud and seeing how big 'Lean Back' was, seeing
how big 'Play' was, everything else like that, it was me who changed the deal
around, so I could have the freedom to do what I had to do," Rifkind told
features rappers who have delivered solid radio hits for the label but have
witnessed minimal record sales.
There's Something About Remy: Based On A True Story contained the hit
single "Conceited (There's Something About Remy)." The album peaked
at No. 33 on the Billboard 200 albums chart but has only moved a total of 117,000
David Banner had
a hit single called "Play" and faired better, moving over 300,000
units. But the Mississippi-bred rapper expressed his frustration with SRC in
the latest issue of Ozone Magazine.
"I feel like
I deserve a little bit more," Banner told the magazine. "But it ain't
up to no other man to make my career...I'm not blaming [Steve], it's not his
fault...if they don't do what they need to do, I'm gonna get off my ass and
make a buzz myself. But yeah, I was mad. I can't lie. Hell yeah, I was mad."
Terror Squad had
a massive hit with the single "Lean Back," which was No. 1 on Billboard's
Hot 100 for three weeks. Their album True Story has moved almost 500,000
copies since being released in July 2004.
"If you look
at what we have done, even though TS should have sold more, or Banner should
have sold more, we are still breaking acts," Rifkind said. "And Remy
is just beginning. Then you take Akon, who sold 3 million records worldwide,
who's not affiliated with any camp at all, look at what we did with him."
Akon's new album
is due in stores Sept. 12 via SRC/Universal.
Rifkind also addressed
Remy Ma's comments, stating "She's an artist and she was upset and she
felt that it wasn't handled right. But again, that' why I am getting the freedom
to do what we do."
Loud Records in 1992 before the label folded ten years later.
The label produced
a number of legendary Hip-Hop artists, most of whom are still releasing albums.
Those artists include the late Big Pun, Lil' Flip, Tha Alkaholics, The Beatnuts,
dead prez, Wu-Tang Clan, Mobb Deep, Fat Joe and others.
they are great people and they are talented people up here, but they're used
to picking up records, they're not used to developing artists," Rifkind
Rifkind is also
developing a cartoon titled Kids Block with Hip-Hop producers The Trackmasters,
as well as preparing to release Pharoahe Monch's highly anticipated sophomore
album Desire, the follow-up to his 1999 debut Internal Affairs.