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SELLING OUT THE SANCTUARY
Looks like the premier indie label, Sanctuary, might be an indie for not much longer; it's been in takeover talks and, as well as a bunch of private equity firms, EMI and Warners have been sniffing about. There could be a delicious irony in the first of those winning, and in effect buying back Morrissey, but as Every Single Major Buyout has proven, nothing ruins a great label like being taken over by a bigger company. The only way the purchasers can bring in their economies of scale is by crushing out the individuality of the former indie; private equity partners are just as bad, but at least they don't pretend to be a force for good in the music industry at the same time.
2 comments:
Fantastic! So when EMI or whomever buys Sanctuary, they can drop all the acts that they did before!
*bangs head against door*
It's wonderful, isn't it? Normally the argument for buying an indie label is to get hold of the A&R department; this is the equivalent of having to go down the tip because you've realised you put something of value into your last waste collection
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