Major labels join forces to save HMV
News: 21st January 2013 by Louise Dodgson under Record Labels, Selling & Distributing Your Music
Several bidders have emerged since HMV announced it was in administration, one of which is Hilco, which already owns the HMV chain in Canada.
Keen not to fall prey to the demands of supermarkets and online retailers stocking music such as Amazon who regularly sell products at greatly reduced prices, the major record labels have been forthcoming in co-operating with Hilco in order to make sure the HMV high street music outlets are not gone forever. Warner Music, Universal and Sony have apparently offered to provide their CDs and DVDs at a reduced rate ,as well as reaching more favourable credit agreements in order to help HMV back onto its feet. However, where will offering preferential rates to HMV leave the smaller, independent retailers? There are still many things to be worked through but a solution may be on the cards...but will it make everyone happy?
hmv, major labels, record labels, universal music, sony music, warner music, music retail, record shop