As first tipped on ALL ACCESS, SHAWN "JAY-Z" CARTER has announced that he'll step down as President of the UNIVERSAL MUSIC GROUP's DEF JAM label after his contract expires, at the end of the year, AP, REUTERS and many other sources report.
Don't, however, bet on JAY-Z staying out of the business side of the music industry for long.
His exit from DEF JAM has been rumored for months. writes THE LOS ANGELES TIMES. Many have predicted he would join RICK RUBIN at COLUMBIA RECORDS. Said JAY-Z, "It's really about trying to invest in the future, trying to invest in maybe coming up with a new model. Because going in hard making records with artists and throwing those records into a system that's flawed is not exciting for me. It's not the music; people ingest music the same way. It's just that the model of selling CDs has changed. So doing things the typical way is not in the best interests of anyone and not exciting for me. My whole thing is, how do we invest in the future? If everyone is committed to doing that, then I'm sure there's a deal to be made."
ISLAND DEF JAM MUSIC GROUP Chairman & CEO ANTONIO "L.A." REID, expressed regrets about JAY-Z's decision: "While he will continue to be one of our signature artists, he will nonetheless be missed in this executive capacity."
JAY-Z commented, "Now it's time for me to take on new challenges. I am pleased to have had the opportunity to build upon the DEF JAM legacy." No reason was given for the decision, but JAY-Z will continue to record for his ROC-A-FELLA/DEF JAM label.
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