Why Simon Cowell Is Quitting His Own Music Label Syco Music That Launched One Direction
Music mogul Simon Cowell is officially leaving Syco Music, just days after former One Direction star Louis Tomlinson also announced he was parting ways with the record label.
Syco signed One Direction after they were formed on The X Factor, but Louis was the only member of the band to release solo music with the label. Now he’s going in a different direction. But why is Simon cutting ties?
Simon Cowell Leaves Syco Music
According to Capital FM, Simon is walking away from Syco (which he sold to Sony Music in 2005) in order to focus more on his TV company Syco Entertainment, which produces America’s Got Talent and Britain’s Got Talent.
“This deal is huge. Simon has had to pay a massive amount to regain control of Syco Entertainment,” a source reportedly said. “That has meant he is no longer involved in Syco Music but it’s not in great shape right now. Leaving it now makes sense for him because he can instead focus on his Got Talent shows, as those are his money-makers now.”
Indeed, Deadline reports that Simon recently bought out Sony Music Entertainment’s stake in Syco Entertainment, taking full control of the company. Louis Tomlinson, meanwhile, tweeted about his separation from Syco last weekend, writing, “I’m really excited for the future and to be back in the studio writing the next album.”
What Are Simon’s Plans For The Future?
Simon has apparently been getting a lot ideas during quarantine. He shared with Deadline that he’s had a lot of time to come up with new formats.
“I have had more time than I’ve ever had before so we have,” he said, “for instance, three new formats which we didn’t have 12 months ago because I’ve had the time to work on them, develop them properly and the last time I did that or had the time to do it, honestly was around 2005 – which was about the time I came up with Got Talent. I’m very excited.”
“I’ve always believed it’s important to take on new goals in order to drive new ideas and creativity,” Simon added, “so I’m very excited to be taking an independent and creatively-led Syco Entertainment into the future.”