£250,000 relief fund set up for labels affected by Sony warehouse fire
The Association of Independent Music thank donators for 'unfettered support'
Trade body AIM (the Association of Independent Music) has teamed up with distributor PIAS to marshall the offers of support offered from various sources around the world, in the wake of Monday night's (August 8) events.
Labels affected by the fire will be able to draw upon the fund to help cover the interruption to their business and the cost of getting back onto their feet. The money will be available in the form of interest- and security-free loans repayable within a year.
It had been feared that in the wake of the lost stock and the time it will take to process insurance claims, many smaller labels could go out of business. An initial fund of donations totals £250,000, and anyone wishing to contribute can find details at MusicIndie.com.
Alison Wenham, chair of AIM, said:
The independents will survive this disaster, as they have survived other business challenges. We represent a community which has mutual respect for the work of all indie labels, be they large or small, and the industry needs to nurture and protect these small companies in times like this. We wish to thank everyone in the community for their generous and unfettered support.
Martin Mills, chair of the Beggars Group of labels, added:
Larger labels are much better resourced to weather this storm – but small and new labels are the future and need support from their peers to see them through this crisis.
How the fire affects the music industry
How you can help independent labels affected by the warehouse fire