BPI Fund to Help Independent Labels Recover from Sony DADC Fire
MUMBAI: BPI and its major and independent members today announced that a fund of more than ?100,000 is being made available to indie labels affected by the fire at the Sony DADC distribution centre.
Geoff Taylor, Chief Executive of BPI 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."
The fund comprises individual donations both from BPI members and BPI's own commercial revenues and will be available as emergency interest free loans to assist affected indie labels in covering the costs of remanufacturing stock lost in the Enfield fire.
BPI's fund will be jointly administered in co-ordination with AIM, who announced an initiative yesterday with [PIAS] to help independents affected by the fire.
Mike Batt, BPI Deputy Chairman, added, "We want indie labels to get back to normal business as quickly as possible, and we are joining our funding up with AIM's initiative to ensure that those labels affected can afford to replace damaged stock and can focus on creating great music."