January 19, 2012 13:15
Association of Independent Music launches campaign to stop sale of EMI
AIM calls for the UK government to block the break-up of the record label
EMI has agreed a deal with Universal Music for the sale of its recorded music division for $1.9 billion (£1.2 billion) and has also agreed to sell its publishing arm to Sony for $2.2 billion (£1. 4 billion), but AIM has vowed to fight the sale.
The association, which said at the time that the sale was announced that it represented "bad news for almost everyone" in the music industry, has issued its members with a letter to send off to their local MPs and hopes to encourage the Secretary of State for Business, Innovation and Skills to intervene.
According to Music Week, an extract from the letter reads: "The increasing concentration of the music market in the hands of a decreasing number of gigantic multinationals has undoubtedly damaged competition. The proposed sale of EMI threatens further damage so great that it must be reviewed and resisted by the UK Coalition Government with the full support of the Opposition."
It continues: "The move will will undoubtedly concentrate the global music market still further into the hands of two dominant major companies – Universal and Sony. That itself is enough to demand that the UK Government looks closely at and opposes the proposed sale of the only UK major music company to the remaining gigantic multinational."
If the proposed deals to sell EMI go through, it will mean that, for the first time since 1931, the UK will be without one of the major global record companies. Coldplay, 30 Seconds To Mars and Katy Perry are among the artists signed to the label and its subsidiaries.
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