Biz news: Universal rescues Harmonia Mundi
NewsIt is reported that Universal Music has refinanced PIAS, owner of the classical Harmonia Munid, without taking a stake in the company.
Sir Lucian Grainge, Chairman & CEO, Universal Music Group, said: ‘At UMG, we understand that a vibrant independent sector is essential to a thriving music ecosystem.’
Report here.
What is that a picture of? It looks like a shop of some kind.
It may be the Harmonia Mundi shop in Paris. Lovely shop and staff.
No wonder the company is going bust.
Don’t you mean “Munid’? :–)
It is clearly a CD store.
Not to put too fine a point on it: if Universal bought directly into PIAS, it would risk running foul of the European Commission. So, for the time being, it doesn’t. It just eats into the distribution. Now, which Coppola movie went at some depth into such a business strategy?
Then, Sir Lucian Grainge informs us with a presumably straight face that ‘a vibrant independent sector is essential to a thriving music ecosystem.’
Well, in physical terms, Sir Lucian, no system is more vibrant than White Noise, oscillating independently. At full range, it would eat up all the available bandwidth, too. Surely the CEO of UMG would not want his hyperbole — OMG! — taken at face value?
“A vibrant independent sector is essential to a thriving music ecosystem.” A lot of (word that rhymes with) rowlocks.