With lagging record sales, online piracy, and entire departments being laid off, it’s no secret that the music industry as we know it is a sinking ship. And what do you do with a sinking ship? You abandon it! Much like longtime Island Def Jam Chairman Antonio “L.A.” Reid is set to do come this December.
According to The Hollywood Reporter, L.A. Reid, the man at the helm of Island Def Jam since 2004, is planning on making his much anticipated exit from the dying industry of retail music to jump into the more lucrative television market by becoming a judge on Simon Cowell’s new Fox show entitled “X Factor.” Sources tell THR “it’s a done deal.”
Reid, whose contract with Universal Music is up in December, will receive an early release so that he can take part in the new show, which awards a Sony Music recording contract worth $5 million to the winner. Auditions for The X Factor begin March 27th in Los Angeles.
According to an insider, announcement regarding Reid is to be made later this week.
Smart move playboy …. smart move. Get that money!