Sony Music’s Doug Morris to launch a new record label; the journey continues for the “music executive’s executive”

Sony Music Entertainment’s non-executive chairman Doug Morris looks set to launch his own label after securing funding, sources told Billboard.

Morris surrendered his role of CEO to Rob Stringer last April. But the 79-year-old seems far from being ready to retire.

According to Billboard, “Morris has discussed his plan with Apple Music executives recently, though Apple – which makes marketing deals with labels and artists – would not own a stake in the label.”

With record companies back in profit after a lengthy stay in the red, investors are circling to see what opportunities there are.

Morris, as a major successful figure who has served as the head of all three major labels – and lauded as a mentor and inspiration for generations of music executives – seems a safe investment.

Billboard did not provide a figure for how much of funding Morris had generated.

But recently, two other long time executives also picked up considerable funding for new projects.

L.A. Reid, who suddenly left his post of Epic Records’ chairman/CEO last May after sexual harassment claims, has managed to have no problems raising $75 million.

He is quietly hiring staff for his revived music entertainment company Hitco, which he ran in the 1990s and signed names as Beyonce.

The 2018 version is  a partnership with Charles Goldstuck, former executive chairman of TouchTunes Interactive Networks, and headed by Kirdis Postelle, who formerly managed Dr. Dre’s Aftermath Entertainment.

One time Interscope president Steve Stoute raised $70 million for his disruptive artist services startup United Masters from blue-chip investors as Alphabet, Andreessen Horowitz, 21st Century Fox and Floodgate.

United Masters will focus on the DIY artist community, providing distribution and marketing for it, ensuring its most hardcore following is targeted through smarter data analytics and insights.

Morris headed Atlantic and Warner Music from 1980 to 1994, Universal Music from 1995 to 2010 and Sony Music since July 2011.

He had started in the ‘60s as a songwriter (The Chiffons’ ‘Sweet Talkin’ Guy’) and producer (Brownsville Station’s ‘Smokin’ in the Boys Room’).

Morris’ smarts saw him grow Atlantic Records to sales of $1 billion, set up Interscope Records which tapped hip hop’s massive crossover, build Universal Music Group into the largest 21st century record company in the world with multiple sources of revenue, and being one of the first to use analytics for A&R signings.

One of the earliest to spot digital’s role in the music industry’s future, he got Sony and Google to set up their own video-on-demand service Vevo after MTV created a billion-dollar empire from free music from the labels.

Vevo got 35 million viewers in the first month, and 60 million in a year, soon to become the #1 music entertainment destination on the Web, according to comScore.

Under his watch, Sony’s streaming accounted for 35% of its recorded music revenue in 2016, compared to 25% in 2015.

In 2013, Morris served as co-producer and lead financier of the Broadway musical Motown: The Musical.

Based on the life story of lMotown founder Berry Gordy, and featuring classic songs from the Motown catalogue, it was nominated for four Tony Awards and was the top-selling new musical of the 2012–13 season

He had a reputation as someone who was focussed on creating hits, developing executives and backing them completely, treated everyone with respect, and worked with the rest of the music industry in a harmonious way.