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Mailroom to Millions: Geffen's Bold Start
9 Nov
Summary
- Geffen started at William Morris Agency in 1964, earning $55 weekly.
- He made $2 million from a Laura Nyro publishing deal.
- He founded Asylum Records in 1971, later selling it for $7 million.
David Geffen's journey in the entertainment industry began in 1964, when he joined William Morris Agency as a mailroom clerk in New York, earning $55 per week. During his tenure, he meticulously observed industry dealings, which proved invaluable. By 1969, Geffen had parlayed this knowledge into a significant financial gain, profiting $2 million from the sale of his interest in singer-songwriter Laura Nyro's publishing catalog.
This financial windfall provided the capital and confidence for Geffen's next venture. After facing challenges in securing record deals for artists like Jackson Browne, he heeded advice to establish his own label. In 1971, Geffen launched Asylum Records, a pivotal step that transformed him from an agent into a music industry owner.
Asylum Records quickly became influential. The following year, in 1972, Geffen sold the company to Warner Communications for $7 million. Later, he returned to the record business in 1980, founding Geffen Records, which would go on to represent iconic artists such as John Lennon, Yoko Ono, and Guns N' Roses.
