Steve Rifkind Addresses Label Status, Negotiates New Deal With Universal
Music executive Steve Rifkind has launched a new label and renegotiated a pressing and distribution (P&D) deal with Universal Records.
Rifkind, who is credited with introducing the concept of the "street team" to the music industry, is also the founder of the seminal record label, Loud Records.
Rifkind said the new imprint has been dubbed SRC2, although the name is certain to change.
The label's status with Universal was the subject of speculation after hit singles by David Banner, Terror Squad and Remy Ma failed to translate into record sales.
Remy Ma and Banner both have been vocal about the handling of their projects.
Rifkind's new deal now allows him the freedom to grow the label and develop artists signed to the imprint.
"Coming from Loud and doing what we did at Loud and seeing how big 'Lean Back' was, seeing how big 'Play' was, everything else like that, it was me who changed the deal around, so I could have the freedom to do what I had to do," Rifkind told AllHipHop.com.
Rifkind's roster features rappers who have delivered solid radio hits for the label but have witnessed minimal record sales.
Martin's album There's Something About Remy: Based On A True Story contained the hit single "Conceited (There's Something About Remy)." The album peaked at No. 33 on the Billboard 200 albums chart but has only moved a total of 117,000 copies.
David Banner had a hit single called "Play" and faired better, moving over 300,000 units. But the Mississippi-bred rapper expressed his frustration with SRC in the latest issue of Ozone Magazine.
"I feel like I deserve a little bit more," Banner told the magazine. "But it ain't up to no other man to make my career...I'm not blaming [Steve], it's not his fault...if they don't do what they need to do, I'm gonna get off my ass and make a buzz myself. But yeah, I was mad. I can't lie. Hell yeah, I was mad."
Terror Squad had a massive hit with the single "Lean Back," which was No. 1 on Billboard's Hot 100 for three weeks. Their album True Story has moved almost 500,000 copies since being released in July 2004.
"If you look at what we have done, even though TS should have sold more, or Banner should have sold more, we are still breaking acts," Rifkind said. "And Remy is just beginning. Then you take Akon, who sold 3 million records worldwide, who's not affiliated with any camp at all, look at what we did with him."
Akon's new album is due in stores Sept. 12 via SRC/Universal.
Rifkind also addressed Remy Ma's comments, stating "She's an artist and she was upset and she felt that it wasn't handled right. But again, that' why I am getting the freedom to do what we do."
Rifkind founded Loud Records in 1992 before the label folded ten years later.
The label produced a number of legendary Hip-Hop artists, most of whom are still releasing albums. Those artists include the late Big Pun, Lil' Flip, Tha Alkaholics, The Beatnuts, dead prez, Wu-Tang Clan, Mobb Deep, Fat Joe and others.
"Universal, they are great people and they are talented people up here, but they're used to picking up records, they're not used to developing artists," Rifkind told AllHipHop.com.
Rifkind is also developing a cartoon titled Kids Block with Hip-Hop producers The Trackmasters, as well as preparing to release Pharoahe Monch's highly anticipated sophomore album Desire, the follow-up to his 1999 debut Internal Affairs.
Rifkind, who is credited with introducing the concept of the "street team" to the music industry, is also the founder of the seminal record label, Loud Records.
Rifkind said the new imprint has been dubbed SRC2, although the name is certain to change.
The label's status with Universal was the subject of speculation after hit singles by David Banner, Terror Squad and Remy Ma failed to translate into record sales.
Remy Ma and Banner both have been vocal about the handling of their projects.
Rifkind's new deal now allows him the freedom to grow the label and develop artists signed to the imprint.
"Coming from Loud and doing what we did at Loud and seeing how big 'Lean Back' was, seeing how big 'Play' was, everything else like that, it was me who changed the deal around, so I could have the freedom to do what I had to do," Rifkind told AllHipHop.com.
Rifkind's roster features rappers who have delivered solid radio hits for the label but have witnessed minimal record sales.
Martin's album There's Something About Remy: Based On A True Story contained the hit single "Conceited (There's Something About Remy)." The album peaked at No. 33 on the Billboard 200 albums chart but has only moved a total of 117,000 copies.
David Banner had a hit single called "Play" and faired better, moving over 300,000 units. But the Mississippi-bred rapper expressed his frustration with SRC in the latest issue of Ozone Magazine.
"I feel like I deserve a little bit more," Banner told the magazine. "But it ain't up to no other man to make my career...I'm not blaming [Steve], it's not his fault...if they don't do what they need to do, I'm gonna get off my ass and make a buzz myself. But yeah, I was mad. I can't lie. Hell yeah, I was mad."
Terror Squad had a massive hit with the single "Lean Back," which was No. 1 on Billboard's Hot 100 for three weeks. Their album True Story has moved almost 500,000 copies since being released in July 2004.
"If you look at what we have done, even though TS should have sold more, or Banner should have sold more, we are still breaking acts," Rifkind said. "And Remy is just beginning. Then you take Akon, who sold 3 million records worldwide, who's not affiliated with any camp at all, look at what we did with him."
Akon's new album is due in stores Sept. 12 via SRC/Universal.
Rifkind also addressed Remy Ma's comments, stating "She's an artist and she was upset and she felt that it wasn't handled right. But again, that' why I am getting the freedom to do what we do."
Rifkind founded Loud Records in 1992 before the label folded ten years later.
The label produced a number of legendary Hip-Hop artists, most of whom are still releasing albums. Those artists include the late Big Pun, Lil' Flip, Tha Alkaholics, The Beatnuts, dead prez, Wu-Tang Clan, Mobb Deep, Fat Joe and others.
"Universal, they are great people and they are talented people up here, but they're used to picking up records, they're not used to developing artists," Rifkind told AllHipHop.com.
Rifkind is also developing a cartoon titled Kids Block with Hip-Hop producers The Trackmasters, as well as preparing to release Pharoahe Monch's highly anticipated sophomore album Desire, the follow-up to his 1999 debut Internal Affairs.
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