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87-575: Universal Records Philippines, Inc. is a Philippine record label founded in 1977 as part of Warner Music Group . It has been an independent label since 1992. The label is currently a member of the Philippine Association of the Record Industry . WEA Records Philippines Inc . was founded in the Philippines as a subsidiary of Warner Music Group's East Asia division . The company served as

174-538: A "record group" which is, in turn, controlled by a music group. The constituent companies in a music group or record group are sometimes marketed as being "divisions" of the group. From 1929 to 1998, there were six major record labels, known as the Big Six: PolyGram was merged into Universal Music Group (UMG) in 1999, leaving the remaining record labels to be known as the Big Five. In 2004, Sony and BMG agreed to

261-405: A 50% profit-share agreement, aka 50–50 deal, not uncommon. In addition, independent labels are often artist-owned (although not always), with a stated intent often being to control the quality of the artist's output. Independent labels usually do not enjoy the resources available to the "big three" and as such will often lag behind them in market shares. However, frequently independent artists manage

348-558: A US Senate committee, that the Byrds never received any of the royalties they had been promised for their biggest hits, " Mr. Tambourine Man " and " Turn! Turn!, Turn! ". A contract either provides for the artist to deliver completed recordings to the label, or for the label to undertake the recording with the artist. For artists without a recording history, the label is often involved in selecting producers, recording studios , additional musicians, and songs to be recorded, and may supervise

435-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

522-470: A bigger company. If this is the case it can sometimes give the artist greater freedom than if they were signed directly to the big label. There are many examples of this kind of label, such as Nothing Records , owned by Trent Reznor of Nine Inch Nails ; and Morning Records, owned by the Cooper Temple Clause , who were releasing EPs for years before the company was bought by RCA . If an artist and

609-408: A conventional cash advance to sign the artist, who would receive a royalty for sales after expenses were recouped. With the release of the artist's first album, however, the label has an option to pay an additional $ 200,000 in exchange for 30 percent of the net income from all touring, merchandise, endorsements, and fan-club fees. Atlantic would also have the right to approve the act's tour schedule, and

696-498: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

783-460: A deal with a proper label. In 2002, ArtistShare was founded as the Internet's first record label where the releases were directly funded by the artist's fans. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with

870-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

957-609: A joint venture and merged their recorded music division to create the Sony BMG label (which would be renamed Sony Music Entertainment after a 2008 merger); BMG kept its music publishing division separate from Sony BMG and later sold BMG Music Publishing to UMG. In 2007, the remaining record labels—then known as the Big Four—controlled about 70% of the world music market , and about 80% of the United States music market. In 2012,

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1044-471: A label want to work together, whether an artist has contacted a label directly, usually by sending their team a demo, or the Artists & Repertoire team of the label has scouted the artist and reached out directly, they will usually enter in to a contractual relationship. A label typically enters into an exclusive recording contract with an artist to market the artist's recordings in return for royalties on

1131-462: A large international media group , or somewhere in between. The Association of Independent Music (AIM) defines a 'major' as "a multinational company which (together with the companies in its group) has more than 5% of the world market(s) for the sale of records or music videos." As of 2012 , there are only three labels that can be referred to as "major labels": Universal Music Group , Sony Music , and Warner Music Group . In 2014, AIM estimated that

1218-487: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

1305-423: A platform for emerging Filipino artists to showcase their music and reach a wider audience. Mustard Music's roster includes promising acts such as Janine Teñoso, Keiko Necesario, and Arthur Nery . Universal Records Philippines Inc. has signed and worked with numerous prominent Filipino artists throughout its history. Some of the label's notable acts include: As of 2011  : Universal Music Group cannot use

1392-605: A return by recording for a much smaller production cost of a typical big label release. Sometimes they are able to recoup their initial advance even with much lower sales numbers. On occasion, established artists, once their record contract has finished, move to an independent label. This often gives the combined advantage of name recognition and more control over one's music along with a larger portion of royalty profits. Artists such as Dolly Parton , Aimee Mann , Prince , Public Enemy , among others, have done this. Historically, companies started in this manner have been re-absorbed into

1479-544: Is a brand or trademark of music recordings and music videos , or the company that owns it. Sometimes, a record label is also a publishing company that manages such brands and trademarks, coordinates the production, manufacture , distribution , marketing, promotion, and enforcement of copyright for sound recordings and music videos, while also conducting talent scouting and development of new artists , artist financing and maintaining contracts with recording artists and their managers. The term "record label" derives from

1566-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

1653-454: Is often marketed as a "unit" or "division" of the parent label, though in most cases, they operate as pseudonym for it and do not exist as a distinct business operation or separate business structure (although trademarks are sometimes registered). A record label may give a musical act an imprint as part of their branding, while other imprints serve to house other activities, such as side ventures of that label. Music collectors often use

1740-684: Is owned by Sony Group Corporation ). Record labels and music publishers that are not under the control of the big three are generally considered to be independent ( indie ), even if they are large corporations with complex structures. The term indie label is sometimes used to refer to only those independent labels that adhere to independent criteria of corporate structure and size, and some consider an indie label to be almost any label that releases non-mainstream music, regardless of its corporate structure. Independent labels are often considered more artist-friendly. Though they may have less sales power, indie labels typically offer larger artist royalty with

1827-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

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1914-620: The Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over the VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization ,

2001-459: The free software and open source movements and the success of Linux . In the mid-2000s, some music publishing companies began undertaking the work traditionally done by labels. The publisher Sony/ATV Music, for example, leveraged its connections within the Sony family to produce, record, distribute, and promote Elliott Yamin 's debut album under a dormant Sony-owned imprint , rather than waiting for

2088-745: The history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include

2175-505: The "parent" of any sublabels. Vanity labels are labels that bear an imprint that gives the impression of an artist's ownership or control, but in fact represent a standard artist/label relationship. In such an arrangement, the artist will control nothing more than the usage of the name on the label, but may enjoy a greater say in the packaging of their work. An example of such a label is the Neutron label owned by ABC while at Phonogram Inc. in

2262-546: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

2349-640: The European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in the 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from

2436-557: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

2523-505: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

2610-545: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

2697-571: The Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for the world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902)

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2784-458: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

2871-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

2958-501: The UK. At one point artist Lizzie Tear (under contract with ABC themselves) appeared on the imprint, but it was devoted almost entirely to ABC's offerings and is still used for their re-releases (though Phonogram owns the masters of all the work issued on the label). However, not all labels dedicated to particular artists are completely superficial in origin. Many artists, early in their careers, create their own labels which are later bought out by

3045-527: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

3132-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

3219-609: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

3306-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

3393-471: The United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

3480-669: The United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

3567-546: The United States would typically bear a 4th & B'way logo and would state in the fine print, "4th & B'way™, an Island Records, Inc. company". Collectors discussing labels as brands would say that 4th & B'way is a sublabel or imprint of just "Island" or "Island Records". Similarly, collectors who choose to treat corporations and trademarks as equivalent might say 4th & B'way is an imprint and/or sublabel of both Island Records, Ltd. and that company's sublabel, Island Records, Inc. However, such definitions are complicated by

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3654-610: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

3741-512: The Universal name in the Philippines because URPI owns rights to that brand name. Thus, the UMG business in the Philippines became known as MCA Music, Inc., UMG's former global trade name. On November 3, 2021, MCA Music changed its current name to UMG Philippines . Record label [REDACTED] [REDACTED] [REDACTED] "Big Three" music labels A record label or record company

3828-451: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

3915-407: The album will sell better if the artist complies with the label's desired requests or changes. At times, the record label's decisions are prudent ones from a commercial perspective, but these decisions may frustrate artists who feel that their art is being diminished or misrepresented by such actions. In other instances, record labels have shelved artists' albums with no intention of any promotion for

4002-411: The artist from their contract, leaving the artist in a state of limbo. Artists who have had disputes with their labels over ownership and control of their music have included Taylor Swift , Tinashe , Megan Thee Stallion , Kelly Clarkson , Thirty Seconds to Mars , Clipse , Ciara , JoJo , Michelle Branch , Kesha , Kanye West , Lupe Fiasco , Paul McCartney , and Johnny Cash . In

4089-415: The artist in question. Reasons for shelving can include the label deciding to focus its resources on other artists on its roster, or the label undergoing a restructure where the person that signed the artist and supports the artist's vision is no longer present to advocate for the artist. In extreme cases, record labels can prevent the release of an artist's music for years, while also declining to release

4176-425: The artist is established and has a loyal fan base. For that reason, labels now have to be more relaxed with the development of artists because longevity is the key to these types of pact. Several artists such as Paramore , Maino , and even Madonna have signed such types of deals. A look at an actual 360 deal offered by Atlantic Records to an artist shows a variation of the structure. Atlantic's document offers

4263-484: The artists may be downloaded free of charge or for a fee that is paid via PayPal or other online payment system. Some of these labels also offer hard copy CDs in addition to direct download. Digital Labels are the latest version of a 'net' label. Whereas 'net' labels were started as a free site, digital labels represent more competition for the major record labels. The new century brought the phenomenon of open-source or open-content record labels. These are inspired by

4350-462: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

4437-650: The circular label in the center of a vinyl record which prominently displays the manufacturer's name, along with other information. Within the mainstream music industry , recording artists have traditionally been reliant upon record labels to broaden their consumer base, market their albums, and promote their singles on streaming services, radio, and television. Record labels also provide publicists , who assist performers in gaining positive media coverage, and arrange for their merchandise to be available via stores and other media outlets. Record labels may be small, localized and " independent " ("indie"), or they may be part of

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4524-728: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

4611-650: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

4698-521: The company signed the pop-rock band Sponge Cola , which became a major success in the local music scene. The band's debut album, " Palabas ," achieved double platinum status and won several awards, including Album of the Year at the NU107 Rock Awards . In 2018, Universal Records Philippines Inc. launched Mustard Music, a sub-label focused on the growth of homegrown indie acts. The new label aimed to provide

4785-403: The company. Some independent labels become successful enough that major record companies negotiate contracts to either distribute music for the label or in some cases, purchase the label completely, to the point where it functions as an imprint or sublabel. A label used as a trademark or brand and not a company is called an imprint , a term used for a similar concept in publishing . An imprint

4872-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

4959-400: The corporate mergers that occurred in 1989 (when Island was sold to PolyGram) and 1998 (when PolyGram merged with Universal). PolyGram held sublabels including Mercury, Island and Motown. Island remained registered as corporations in both the United States and UK , but control of its brands changed hands multiple times as new companies were formed, diminishing the corporation's distinction as

5046-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

5133-416: The early days of the recording industry, recording labels were absolutely necessary for the success of any artist. The first goal of any new artist or band was to get signed to a contract as soon as possible. In the 1940s, 1950s, and 1960s, many artists were so desperate to sign a contract with a record company that they sometimes ended up signing agreements in which they sold the rights to their recordings to

5220-512: The end of their contract with EMI when their album In Rainbows was released as a " pay what you want " sales model as an online download, but they also returned to a label for a conventional release. Research shows that record labels still control most access to distribution. Computers and internet technology led to an increase in file sharing and direct-to-fan digital distribution, causing music sales to plummet in recent years. Labels and organizations have had to change their strategies and

5307-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

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5394-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

5481-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

5568-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

5655-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

5742-496: The licensee of WEA in the Philippines for 15 years before undergoing a name change to Universal Records Philippines Inc. in 1992. The company's new name reflected a shift in focus from being just a licensee of WEA to becoming a full-fledged independent record label. As Universal Records Philippines Inc., the company continued to build its reputation in the industry and signed various prominent local artists, such as Gary Valenciano , Regine Velasquez , and Christian Bautista . In 2003,

5829-725: The major divisions of EMI were sold off separately by owner Citigroup : most of EMI's recorded music division was absorbed into UMG; EMI Music Publishing was absorbed into Sony/ATV Music Publishing; finally, EMI's Parlophone and Virgin Classics labels were absorbed into Warner Music Group (WMG) in July 2013. This left the so-called Big Three labels. In 2020 and 2021, both WMG and UMG had their IPO with WMG starting trading at Nasdaq and UMG starting trading at Euronext Amsterdam and leaving only Sony Music as wholly-owned subsidiary of an international conglomerate ( Sony Entertainment which in turn

5916-433: The major labels (two examples are American singer Frank Sinatra 's Reprise Records , which has been owned by Warner Music Group for some time now, and musician Herb Alpert 's A&M Records , now owned by Universal Music Group). Similarly, Madonna 's Maverick Records (started by Madonna with her manager and another partner) was to come under control of Warner Music when Madonna divested herself of controlling shares in

6003-537: The majors had a collective global market share of some 65–70%. Record labels are often under the control of a corporate umbrella organization called a "music group ". A music group is usually affiliated to an international conglomerate " holding company ", which often has non-music divisions as well. A music group controls and consists of music-publishing companies, record (sound recording) manufacturers, record distributors, and record labels. Record companies (manufacturers, distributors, and labels) may also constitute

6090-434: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

6177-475: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

6264-507: The output of recording sessions. For established artists, a label is usually less involved in the recording process. The relationship between record labels and artists can be a difficult one. Many artists have had conflicts with their labels over the type of sound or songs they want to make, which can result in the artist's artwork or titles being changed before release. Other artists have had their music prevented from release, or shelved. Record labels generally do this because they believe that

6351-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

6438-595: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

6525-543: The record label in perpetuity. Entertainment lawyers are usually employed by artists to discuss contract terms. Due to advancing technology such as the Internet , the role of labels is rapidly changing, as artists are able to freely distribute their own material through online radio , peer-to-peer file sharing such as BitTorrent , and other services, at little to no cost, but with correspondingly low financial returns. Established artists, such as Nine Inch Nails , whose career

6612-418: The salaries of certain tour and merchandise sales employees hired by the artist. In addition, the label also offers the artist a 30 percent cut of the label's album profits—if any—which represents an improvement from the typical industry royalty of 15 percent. With the Internet now being the dominant source for obtaining music, netlabels have emerged. Depending on the ideals of the net label, music files from

6699-419: The selling price of the recordings. Contracts may extend over short or long durations, and may or may not refer to specific recordings. Established, successful artists tend to be able to renegotiate their contracts to get terms more favorable to them, but Prince 's much-publicized 1994–1996 feud with Warner Bros. Records provides a strong counterexample, as does Roger McGuinn 's claim, made in July 2000 before

6786-457: The seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and the international oil market. Iran was unable to sell any of its oil. In August 1953,

6873-400: The term sublabel to refer to either an imprint or a subordinate label company (such as those within a group). For example, in the 1980s and 1990s, 4th & B'way Records (pronounced as "Broadway") was a trademarked brand owned by Island Records Ltd. in the UK and by a subordinate branch, Island Records, Inc., in the United States. The center label on a 4th & Broadway record marketed in

6960-454: The then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by the strong influence of

7047-433: The way they work with artists. New types of deals called "multiple rights" or "360" deals are being made with artists, where labels are given rights and percentages to artist's touring, merchandising, and endorsements . In exchange for these rights, labels usually give higher advance payments to artists, have more patience with artist development, and pay higher percentages of CD sales. These 360 deals are most effective when

7134-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

7221-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

7308-455: Was developed with major label backing, announced an end to their major label contracts, citing that the uncooperative nature of the recording industry with these new trends is hurting musicians, fans and the industry as a whole. However, Nine Inch Nails later returned to working with a major label, admitting that they needed the international marketing and promotional reach that a major label can provide. Radiohead also cited similar motives with

7395-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

7482-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

7569-489: Was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore,

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