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L.A. Reid's Hitco Music Label Is Skidding Towards
Closure
January 9. 2019
L.A. Reid
In 2017, disgraced music industry producer
turned executive, Antonio L.A. Reid, who was booted from Epic
Records/Sony Music for sexual harassment, sexual assault and
embezzlement, raised $75,000,000 for a new record label he named
Hitco. It was the name of his 1990s music publishing company.
Reid proceeded to sign 25 recording artists to
the newly founded label, many of whom dropped releases last
year. However, every single one of them flopped. Hitco is
hemorrhaging money, due to not having a hit in sight and having
expounded so much capital. Based on Reid's words in Billboard,
the label also has multiple offices, which means a greater debt
load for the fledgling label.
When Reid and former music production partner
Kenny "Babyface" Edmonds, started LaFace Records in 1989, their
first releases were hits. They launched the music careers of
Toni Braxton, TLC, Usher, Outkast, Goodie Mob, Tony Rich and
Damian Dame, among others, who all released hits from day one.
Looking at the explicit, unpolished artists Hitco has signed and
their first releases, I don't see anything of that caliber in
the lot. None of the tracks have been hits anywhere.
To have expounded millions of dollars in
signing, recording and promoting every Tom, Dick and Harry, was
a bad idea and waste of money. Not to mention, the industry is
giving Reid the cold shoulder due to the MeToo movement
regarding men who sexually prey on women in the workplace.
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