Goldman Sachs CEO or DJ?
An amateur D.J. meets a highflying music industry executive and lands the rights to remix one of the greatest hits of all time.
It could be an inspiring story. Or it could be the story of David Solomon, the chief executive of Goldman Sachs, who was able to remix Whitney Houston’s “I Wanna Dance With Somebody (Who Loves Me),” thanks to Larry Mestel, whose music company is a client of the bank and has financial interests in the oeuvres of music legends like Prince, Bob Marley and Ms. Houston.
The CEO’s relationship with a Goldman client, music executive Larry Mestel of Primary Wave, the publishing and talent management agency, helped him land the deal, according to The New York Times.
For amateur D.J.s without Mr. Solomon’s direct line to Mr. Mestel, getting approval for the remix of Ms. Houston’s hit would have been much harder, said Guillermo Page, the assistant director of the music business and entertainment industries program at the University of Miami Frost School of Music.
“When you’re dealing with someone of the stature of Whitney Houston, it’s very likely that they have some restrictions as to who can use the sound recording,” Mr. Page said. “Just because you want to do your own remix or you want to make your own creation doesn’t automatically mean you’re going to be approved.”
Mr. Solomon has been spinning records for years, mixing electronic dance music for live audiences at tiki bars in the Bahamas, at the big Chicago music festival Lollapalooza, in downtown Manhattan. He has released about a dozen dance tracks in collaboration with a handful of producers.
Solomon has a passion for soul, disco and house music. He has performed with dance music legends such as The Chainsmokers, Marshmello, Tiesto, Paul Oakenfold, Galantis, Kygo, and David Guetta. His first production, released as DJ D-Sol, was a dance mix of Fleetwood Mac’s "Don’t Stop,” which premiered on SiriusXM’s BPM in 2018. His follow up single “Feel Alive” was the first original release on his label, Payback Records. Featuring remixes from Morgan Page & Dzeko, it was named the #15 song of 2019 on BPM. Subequently, "Someone Like You feat. Gia Koka" was his third Billboard Dance Radio charting single, reaching #4 on the charts, and one of BPM’s top 51 songs of 2020.
His latest productions include remixes for J-Lo ("On My Way"), as well as "Future In Your Hands," a collaboration with Sam Feldt featuring Aloe Blacc. Other notable features have included One Republic frontman, Ryan Tedder ("Learn To Love Me") and Glee alum, Alex Newell ("Rescue Me"). In partnership with Atlantic Records, Payback Records was created for the purpose of releasing inspiring dance music. Payback supports organizations focused on addiction prevention and treatment, as well as mental health.
Mr. Solomon has long maintained that his DJing passion has nothing to do with Goldman. And many bank insiders also say that the DJ gig is little more than a minor headache for Goldman, even if its highly visible and unusual nature — Instagram posts, Spotify playlists and a live performance that broke Covid protocols — risks drawing unwelcome attention at a time when the bank is struggling with its performance.
Former Goldman Sachs CEO Lloyd Blankfein has criticized his successor David Solomon for spending too much time moonlighting as a DJ.
Blankfein, who retired in 2018 after a 12-year stint as head of the Wall Street giant, told Goldman partners on the sidelines of a Miami Beach conference in February that Solomon needed to focus more on his day job and less as a DJ at nightclubs and festivals, according to The Wall Street Journal.
John Rogers, a partner at Goldman since 2000, reportedly went to Solomon to express concerns over his DJ side gig, according to The Journal.
During the summer of 2020, at the height of the Covid pandemic, Mr. Solomon played at a show in the Hamptons headlined by The Chainsmokers — a band that Mr. Alpert manages. (New York Health authorities investigated the event for “rampant violations” of Covid protocols. Mr. Solomon later acknowledged to Goldman insiders he’d made a mistake, The New York Times has previously reported.)
The party in Southampton ignited outrage and prompted then-New York Gov. Andrew Cuomo to announce an investigation.
The again in 2021, Goldman employees were angered over a DJ appearance by Solomon just days after the bank announced a major COVID safety clampdown.
Solomon's personality has become a lightning rod inside the firm. His "penchant for living a glamorous life, whether through high-profile DJ gigs, private jets to the Bahamas, or rubbing elbows with professional athletes and celebrities like Kim Kardashian, has led some insiders to believe that he is more focused on his image or compensation than what's best for Goldman Sachs
Since 2016, Goldman has published a closely watched annual report called “Music in the Air,” which describes current trends in music investing and publishing and offers projections for the industry’s performance in the future.
“Goldman is extremely interested in music,” said David Lieberman, an associate professor of professional practice in media management at The New School. “They see it as an opportunity, and for what seemed to be good reasons. These catalogs seem to have real steady value.”
Goldman has a large existing music industry business that goes back decades. Nonetheless Solomon may be prioritizing his hobby over his role of chief of one of the worlds largest most prestigious investment banks as more than 85 partners have left the firm since he became CEO in 2018.
