NEW YORK, June 21 (UPI) -- Virgin Records, once the music industry's golden child, has lost its luster with poor album sales and artists' criticisms.
The sales disappointments from Virgin's superstars Lenny Kravitz and Janet Jackson come during a two-year trend in which the label's market share has been slashed in half to 1.8 percent from 3.6 percent, putting it in last place among its peers, New York Daily News reported Monday.
One of Virgin's biggest artists, Pharrell Williams, who is also a top producer, claimed Virgin mishandled the latest release by his band, N.E.R.D., which has sold only 325,000 units since March.
A Perfect Circle, another Virgin act, has tried to sever its relationship with the label, a source said.
"There's a big question mark hanging over Virgin," said George Gilbert, a music industry attorney. "They've been floundering for quite a while."
British billionaire Richard Branson founded the label, which exploded with acts such as Sex Pistols and Culture Club. EMI purchased Virgin Records in 1992 for $1 billion.
