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BPI launches fund for indies impacted by the Sony DADC fire
By CMU Editorial | Published on Monday 15 August 2011
Record label trade body the BPI, which counts both majors and indies among its membership, has made a fund of about £100,000 available to help smaller independents which have been affected by the fire, last week, at the Sony DADC distribution warehouse used by key indie label distributor [PIAS].
As previously reported, numerous labels lost some or all of their physical product stock after the distribution centre in north London was destroyed during last week’s riots. Although many will be insured for the actual lost stock it will take time for insurance monies to come through, and smaller labels which cannot afford to repress CDs and records in the meantime will suffer lost sales as a result.
The £100,000 fund, contributed by bigger BPI members and the trade body’s own commercial operations, will be made available as interest free loans to struggling indies, similar to the other fund set up by [PIAS] itself in partnership with the Association Of Independent Music.
Confirming the BPI fund, the trade body’s boss Geoff Taylor said: “The BPI is founded on the principle that majors and indies should work together and that a vibrant independent sector benefits the recorded music business as a whole. For that reason, I am delighted that independent and major members of BPI are showing their solidarity by creating a growing fund to assist indie labels that experience financial difficulties as a result of destruction of stock in the Sony DADC warehouse”.
