Word: krasnow
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Dates: during 1990-1999
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...videos and promoting her music. As is true with the film industry, a new monetary bench mark like Jackson's becomes the standard by which every star in town measures his or her ego. "The bigger the deals get, obviously everybody starts to shoot for the moon," says Bob Krasnow, former chairman of Elektra Records who now runs his own record label for MCA. "The marquee value of a well-known artist's name means a lot." Accordingly, R.E.M., the Rolling Stones and Paul Simon--all of whom have deals that are close to expiring--will probably soon be shopping...
...troubling early sign for Virgin is that Jackson's current CD, the greatest-hits collection Design of a Decade 1986/1996, has performed only modestly, selling 2 million copies in three months. Says Krasnow: "If I were to pay an artist $80 million, I would want to know that I was going to sell at least 40 million units over five albums." But the only thing worse than signing superstars to deals that are too rich is not signing them at all. No record-company suit wants to be known as the guy who lost Janet Jackson. Plus big names lure...