HMV ship finally sinks
News: 15th January 2013 by Louise Dodgson under Record Labels, Selling & Distributing Your Music
They have been fighting it off for some time now, but unfortunately HMV's battle has come to a sticky end and an administrator has been called in. This outcome has been on the cards for a while now as HMV has struggled against a downturn in sales, trying desperately to diversify and relying heavily on bolstered sales during the Christmas season, but it would seem that last Christmas' sales weren't enough to prevent the inevitable as growing debt took hold.
Whilst HMV looks for new buyers, sadly more than 4000 jobs will be lost in the process. What will this mean for the music industry, in particular record labels as they lose the largest high street chain for distributing their wares. Not forgetting the independent record shops who have long been fighting the same battle as HMV, will the loss of such a large competitor help turn things around? A selection of articles are below so give you the lowdown. And we'd love your comments below! How do you think the loss of HMV will impact on the rest of the music business? Will you miss it? Give us your thoughts!
hmv, record shop, record store, music retail, music sales, record sales