Prince is setting up residencies in Las Vegas and London over the summer…or should I say Prince is taking over? Starting June 15th, he will be playing 7 Fridays in a row at the Hollywood Roosevelt Hotel in Vegas. Shows will have extremely limited seating, a slew of surprise guests, and his private chef will be taking over the kitchen of the Roosevelt’s Dakota restaurant, turning it into a private night club for Prince and his guests, featuring Prince performing with a jazz ensemble.

In August, the pop legend will be taking this spectacle over seas to play a series of London dates, at an astonishingly affordable price! This is what KOAR has been talking about- giving fans MORE for LESS money.

Speaking of London (and less money)….It all trickles down. Watch Def Jam recording artist Lady Sovereign talk about her financial troubles…instead of performing a concert.

[video removed by Google/YouTube…I have no idea why. For those who missed it, Lady Sovereign kind of performed one song and then bitched to the audience for a while about how she is going to get evicted and she hates America. She then leaned against the DJ booth until the promoter told her to leave and the crowd booed her off the stage. While that video is no longer available, you can easily find others of her just ‘quitting’ mid-performance. That’s how she rolls.]

Good news for Internet Radio and webcasters…………..

SoundExchange has offered a deal to small webcasters to lower the royalty rates set by the Copyright Royalty Board’s decision in March

Small webcasters would pay royalties equal to 10% of all gross revenue up to $250,000, and 12% for all gross revenue above that amount. But only those webcasters that generate less than a specified amount of revenue and less than a certain amount of usage will be eligible for this lower rate.

“The net result of this proposal is that small webcasters would be guaranteed no increase in royalty payments for 13 years, from 1998-2010,” says Michael Huppe, general counsel for SoundExchange.

EMI has asked potential bidders to submit firm offers by May 23rd.

Warner believes that EMI’s Nicoli is unwilling to sell to Warners Edgar Bronfman. Sources claim Nicoli is likely to PLAY UP the regulatory uncertainty to the board and champion the best of competing offers.

UPDATE: Private Equity Firm Agrees to Acquire EMI for about 2.4 Billion Pounds

Terra Firma Capital Partners the private equity firm, agreed to buy EMI Group in a transaction valuing the record label for the Beatles and Coldplay at about 2.4 billion pounds ($4.7 billion). (Bloomberg)

EMI Revenue (In Billions)

2002 $4.8
2003 $4.3
2004 $4.2
2005 $3.97
2006 $4.1
2007 $3.5 **

Results are due Wednesday.

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Virgin Megastore will be closing stores in Chicago and Salt Lake City due to the recent woes inflicting the music biz. Both stores will be closing in early July.

A report published in August stated that Virgin Megastores has lost $260m in the past two years

Avril Lavigne
Best Damn Thing
TW 70,768
Total 565,050

Daughtry
TW 66,768
Total 2,475, 860

Carrie Underwood
Some Hearts
TW 56,723
Total 5,434,502

Amy Winehouse
Back to Black
TW 35,648
Total 366,414

Pink
I’m Not Dead
TW 19,088
Total 747,545
*This record was about dead, but Pink came back with a strong second single giving the record life again.

Spider Man 3
TW 9,155
Total 30,015
*Remember when soundtracks sold?

J LO
Coma Ama Una Mujer
TW 8,126
Total 140,535
*The end of a ‘Pop’ diva.

Top Digital Songs

Maroon 5
Makes Me Wonder
TW 130,747
Total 551,489

Kelly Clarkson
Never Again
TW 63,674
Total 240,939

Pink
U + UR Hand
TW 47,968
Total 681,283

Linkin Park
What I’ve Done
Tw 44,785
Total 361,842
*Linkin Park is expected to sell 500-600k first week.