Music
11 Aug 11

New fund created for labels hit by Sony fire

The new fund was created by record companies PIAS and AIM in the wake of the damage caused to the SonyDADC Warehouse during the London riots.

In a statement PIAS CEO and co-founder Kenny Gates, said, “The fund that is being put together in a matter of hours by PIAS and AIM demonstrates once again the strength and solidarity in the independent music community. PIAS will carry on engaging, helping and supporting its labels and artists in every way possible. I am very confident that our combined efforts will result in the smallest interruption to our collective business. Again the compassion of our recording artists, our labels and the industry wide support is amazing.”
In an official statement by PIAS, more details were given about the plans for the future which could affect bands like the Villagers who are signed to one of its labels, Domino:
“Labels and artists affected by the destruction of the Sony DADC warehouse are faced with incredible pressures on their businesses in respect to the re-manufacture, re-supply and marketing required as a result of the fire. Whilst it is expected that insurance will cover the lost stock, the reality for many labels is that they will not be compensated or insured for an interruption of trade or the additional capital to reproduce the stock that they have lost and the promotion in which they have invested.
“Additional efforts from PIAS range from securing preferential rates with suppliers for affected labels; encouraging digital retail initiatives to drive and promote digital sales whilst physical stocks replenish; conducting negotiations to reduce fees that might be charged to labels in the normal course of business.
“The last 48 hours has seen a genuine outpouring of support for the principle of independent labels, artists and repertoire. [PIAS] and our labels have received offers of support from both some of the largest names in the business to individuals, all of which simply want to do all they can to support the continued vibrancy and creativity associated with independent music."
For the full statement and details of how to donate to the fund, go to the following page: [link]http://www.pias.com/pias/[/link].