NEW YORK (Hypebot) – Major record labels have long claimed that they need to take huge profits from hit records to make up for their many misses. But it's the excesses, particularly in this supposed new age of a leaner, meaner and more enlitghtened music industry, that leave one wondering if anything has really changed. Such is the case with Warner Music Group's new deal to rent office space in New York.
Warner Music revealed that they will be paying a cool $16 million a year for it's NYC offices and has committed to do so for at least 16 years. The offices rented for from The Paramunt Group are at 1633 Broadway in midtown Manhattan. They also have the option to extend the deal another 10 years.
An old school industry in an ultra-expensive old shool power location. So much for new thinking at Warners.