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Despite being stone motherless broke, music Company EMI, has managed to stitch up a deal with Apple that will see the Beatles music available via the iTunes store, but it won’t be cheap with a remastered Beatles studio album set to cost over $210.
Despite being stone motherless broke, music Company EMI, has managed to stitch up a deal with Apple that will see the Beatles music available via the iTunes store, but it won’t be cheap with a remastered Beatles studio album set to cost over $210.
EMI’s private equity firm Terra Firma Capital Partners, owes millions in debt payments to Citigroup, which helped bankroll the purchase of EMI in 2007 so any help from Apple will go a long way to solving their problems.
After years of negotiations the deal was announced overnight with Apple CEO and Beatles fan Steve Jobs claiming it had “been a long and winding road to get here”.
“We love the Beatles and are honoured and thrilled to welcome them to iTunes,” he said.
Sir Paul McCartney echoed his thoughts.
“It’s fantastic to see the songs we originally released on vinyl receive as much love in the digital world as they did the first time around,” he said.
Ringo Starr added: “I’m particularly glad to no longer be asked when the Beatles are coming to iTunes.”
For years The Beatles’ music label The Apple Corporation that was located in London, was involved in a bitter trademark dispute with Apple the computer company. The dispute was finally settled in 2007.
Despite praise for the deal not everyone was happy, according to the BBC Mark Mulligan, an analyst with research firm Forrester said it was not the younger generation of digital music fans craved.
“The fact that securing the content of a band old enough to be most young music fans’ grandfathers is a sad reflection of the state of the digital music market,” he said.
“The digital music market needs new music products, not yesteryear’s hits repackaged,” he added.
For years The Beatles’ music label Apple Corps was involved in a bitter trademark dispute with Apple the computer company. The dispute was finally settled in 2007.
Earlier in the year Sir Paul McCartney hinted that part of the delay in getting a deal with Apple was down to EMI.
Last year EMI released limited edition apple-shaped USB drives containing The Beatles’ studio albums as digital files.
And in September 2009, The Beatles: Rock Band video game was released.
Even though the group formed around 50 years ago, they remain one of the top-selling bands in the world despite what Forrester Research claim.
Neilsen SoundScan reported that they have sold more than 30 million albums in the past decade.
