UK's largest indie record distro, Pinnacle, goes bankrupt
Pinnacle handle the record distribution for over 400 independent labels, and it employed more than 90 staff, so their bankruptcy will come as a major blow to the music scene worldwide. The range of labels represented by Pinnacle include One Little Indian (Bjork, Sigur Ros, Sneaker Pimps), Burning Heart (REFUSED, The Hives, Boysetsfire, Millencolin), Rough Trade (Belle & Sebastian, The Strokes, Antony & The Johnsons, Arcade Fire) and many more.
NME.com report that the trade body for independent labels, AIM, have called an emergency meeting to put together a strategy for how to help the huge number of labels now in danger of going down with Pinnacle’s sinking ship. The accountancy firm BDO Stoy Hayward have been appointed as Pinnacle’s administrator, and their business restructuring director Matthew Tait told Billboard that they are going to “handle the trading assets and work with the company to achieve the most favourable outcome.”
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- groups:
- Music, Current News UK
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- credits:
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- wiredbirds ox and a moron.
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- wiredbirds
- added this
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crap.
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new formula for music: {google}+{"_insert cd / artist name here_"}+{mediafire}-or-{megaupload}=search
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An ailing global economy deals yet another blow.
Over-regulation of internet services could make it even tougher on "multi-indie" label packages in the coming years.
As a result, it doesn't surprise me to see Radiohead, for example, following the pioneering lead of artists like Aimee Mann in handling the manufacturing, sales, promotion and distribution of their own goods.
It's not just about artistic integrity anymore.
It's about survival. -
This is crap I actually dislike the digital format of downloading compressed MP3 files and having no tangible product. On top of that iTunes Plus is the most horrible service I have ever used. And P2P software should be banned, not only would that stop people stealing music but pedo's exchanging there files.
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Going bankrupt is pretty indie.
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- joshuaheller
- 12 months ago
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I love independent music. Too bad this happened.
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- arcticspirit
- 12 months ago
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aww crap, this really stinks. I hope these bands can find another label to distribute their music on!
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- MyDigitalSin
- 12 months ago
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oh wow!!!!
that sucks:(
hopefully it works out:)-
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- charmedkitten
- 12 months ago
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it may be crap, but pinnacle were their own worst enemy, I tried to open a trade account with them on a number of occasions, did I get a response, did I hel as like! If record distributors want to sell CDs they must trade with small retailers or they will go bust!!!
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- prestonian
- 10 months ago
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