Rockers Linkin Park Have Launched A Venture Capital Firm After Parting Ways With Their Management Team.
The Numb hitmakers split from their outside management team last year (14) and brought their business "in-house" through their MAChine Shop company.
They then decided to team up with Harvard Business School professor Anita Elberse and three of her students to launch a semester-long study into forming MAChine Shop Ventures, according to Billboard.com.
Linkin Park vocalist Mike Shinoda says, "Our goal was to build an internal team of diverse talent to support the non-traditional endeavours the band plans to pursue in the coming years."
During their research, the group studied how music innovators including Jay Z, Beyonce and Jared Leto ran their various ventures. They then transformed the business into a "multi-pronged innovation model based on four verticals: video content, global brand partnerships, merchandise, and venture capital."
Executive Vice President Kiel Berry says, "To be clear, we are still in the music business, but creating and selling music now plays more of a supporting role in our overall business mix.
"Of course we'll play the shows and meet with fans, as we've always done. But along with continuing to make great music, today's Linkin Park is now better positioned to operate in the ever-evolving cultural and business landscape."