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INDEPENDENT MUSIC SCENE IN CRISIS
Submitted by Barry on Wed, 10/08/2011 - 15:37
Crisis hits the independent labels after Sony warehouse was burnt down in the London riots.
The Sony building in Enfield was burnt to the ground on Monday night after youths looted and set fire to many areas of the city. Not knowing the knock on effects, many labels are now having to ask themselves some serious questions.
Could this be the end for a lot of small labels that have a lot of capitol tied up in stock..??
Will they ever get insurance money back even just for the stock.. and possibly loss of earnings???
150 labels were affected including top independents such as XL Warp and Domino who boast of artists such as Adele and The Arctic monkeys. Its a grave day that faces all that had stock in the Sony warehouse, having spent money on production, mastering and manufacture, can they take the hit..????
The warehouse itself held stock that supplies every store in the country. Pias the largest independent distributor also faces a lot of questions..... In the words of Spencer Hickman ( the manger of independent retailer Rough Trade ) "This is a catastrophic, who knows what the small labels face now!!"
Labels are having to revert and release singles on digital format as much of the physical formats have been destroyed.
Lets hope things take a good turn in the near future... the music industry has already faced enough turmoil in the past few years..!!!
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