Discounts on stock, lines of credit to prolong physical media sales
Major record labels will help keep British music retailer HMV stores running by offering potential buyers heavily discounted stock. Reports claim that Universal Music, Warner Music, Sony, and others will offer whatever company steps in to run the music chain help in keeping physical music and movie sales in the High Streets and away from Internet retailers.
Tough holiday sales, online retailers to blame for financial issues
UK retailer HMV is going into administration after a lengthy battle for custom against online retailers, shortly after photography chain Jessops did the same and closed its stores. Accountancy firm Deloitte will be operating the chain in the interim while searching for a buyer, and hopes to keep the 4,300 staff and 239 stores of the music, games, and film retailer open until a suitable plan of action has been outlined.
MP3 Compatible logo
A new logo meant to promote legal music download sites and emphasize the fact the files contained on the sites can be played on any digital audio player has been backed by seven of Britain's largest music download sites, according to a Tuesday BBC report. Designed by the Entertainment Retailers Association (ERA), the logo will mean customers can play the purchased files on PCs, Macs and portable music players. The logo will appear on online music stores from HMV, Woolworths, 7digital, Digitalstores, Play.com, Tescodigital and Tunertribe. Also, BPI, the British record industry's trade association is backing the idea, adding that the logo means artists are being paid for their work.