HMV administration and decline of CD sales

Foley

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I didn't realise the impact of HMV going into administration on CD sales.
I always try to go into Independent record shops to buy 'real music products. Went into one today to get the new Steve Mason CD.
The shop has received virtually no new music this year 'due to HMV being in administration'
I really should use something like Spotify, but still like buying the traditional vinyl and CDs. This could hasten the end of this type of music platform I guess. Shame.
 

ZeroTheHero

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I too like physical media. Since I back stuff up anyway, I might as well buy it that way to start with. I have in recent years had a policy of buying stuff of a band's website if possible. They get to keep more of the money. I can't remember the last time I went into a physical shop to buy any music that is easily available (although I have been known to pop into an actual record shop on RSD or to look through second hand stuff - not that the latter benefits the artists mind you.) - it's all online purchases for records and CDs for me really.
 

Sarge

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I buy rare soul & funk on original vinyl releases... have done since I was 12 or 13 yearsold

shame was the advent of the big chain 'record' shops which more or less marked the demise
of local record shops ( Russel Acott in high street Oxford were a proper goldmine for vinyl until they closed in the 80s)
now the advent of the internet has obliterated the chain stores that used to specialise & offer cds/dvds and occasionally even vinyl

there are a few record shops left in the uk..... a once huge industry wiped out by Simon Cowell and his cohorts
pedalling uninspired rehashed reworkings by talentless nobodies via Saturday night tv for the dumb and even dumber

there are exciting new bands and acts still out there, still making original music, these days you really have to make an effort to seek them out , of course that means going to small, local live gigs, with the proverbial one man and his dog also in attendance, instead of spending all your time on social media and shutting out the real world
 

YellowTaxi

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How vulture funds took millions out of HMV

Between 2013 and 2017, HMV reported earnings before finance cost, depreciation and intragroup expenses of £61.5 million.

Some £48 million of this is accounted for by what the company calls “non-trading intragroup expenses” i.e. services bought from other entities controlled by Hilco.

HMV states that the £48 million related to things like licensing agreements, property and management services.

The taxable profits have also been further reduced by interest charges of £10.3 million payable to various related parties and banks.

Altogether, nearly £58 million has been extracted from HMV by its owners and banks which financed the debt and operations of HMV.

Hitting Innocent Stakeholders

HMV made its £61.5 million profits by using the social infrastructure funded by taxpayers, but has not paid a penny in UK corporation tax.

Such a state of affairs is permitted by the current laws. On tax, Hilco states: “We do not engage in planning schemes or arrangements that we consider could be perceived as being aggressive or artificial in nature”.

HMV’s most recent accounts for the year to 30 December 2017 show borrowing of £19.5 million, mostly from related parties and banks. They are likely to fully recover all of this from the sale of assets.

Around £51 million is owed to various suppliers, including £5.2 million to HMRC for PAYE and National Insurance contributions. As unsecured creditors, they are unlikely to recover anything substantial from the bankruptcy of HMV.

There has been a huge transfer of wealth from employees, taxpayers and suppliers to vulture funds controlling HMV.

The £51 million obtained from unsecured creditors enabled HMV to build its assets, which will ultimately solely benefit its shareholders and related entities, functioning as secured creditors.
 

makv

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I didn't realise the impact of HMV going into administration on CD sales.
I always try to go into Independent record shops to buy 'real music products. Went into one today to get the new Steve Mason CD.
The shop has received virtually no new music this year 'due to HMV being in administration'
I really should use something like Spotify, but still like buying the traditional vinyl and CDs. This could hasten the end of this type of music platform I guess. Shame.
The only time I buy CDs now is at a gig (such as the Overload from last night at The Wheatsheaf). And they basically never actually get played, but go straight into my iTunes.

I buy vinyl for certain “special” releases (the new Lost Under Heaven album, boys and girls).

How is the Steve Mason album? I’ve been planning on giving it a “spin”…
 
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Sarge

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Steve Mason ex Beta Band? (and, before that briefly the drummer with mod revival band Knave?)

if thats the Steve Mason(?) .... he has a solo album out now.... pre Beta Band he was based in Oxford for a summer,
Steve has an impressive collection of vintage Lambretta scooters, while in Oxford he hung out & rode with Oxford Road Runners scooter club

spookily, for my day job Im the process of setting up an interview with him (Steve), following a profile on Griffiths Management / Records (which Steve is on the books of)
 

makv

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Steve Mason ex Beta Band? (and, before that briefly the drummer with mod revival band Knave?)

if thats the Steve Mason(?) .... he has a solo album out now.... pre Beta Band he was based in Oxford for a summer,
Steve has an impressive collection of vintage Lambretta scooters, while in Oxford he hung out & rode with Oxford Road Runners scooter club

spookily, for my day job Im the process of setting up an interview with him (Steve), following a profile on Griffiths Management / Records (which Steve is on the books of)
The same
 

makv

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The Overload are bloody awesome.
Indeed they are. Saw them for the first time last night. I love how Arthur Joe stalks the stage. Proper front man. And reads his lyrics off printed sheets in the style of a certain Mark E. Smith.

Also, on the topic of this thread, they have no music online whatsoever, apart from a couple of YouTube videos. The CD I bought last night is a full album, to boot.
 

makv

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decent bloke .... quietish...very talented musician
Yes indeed. Has suffered from a lot of mental health issues too, I believe.
 

Sarge

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Yes indeed. Has suffered from a lot of mental health issues too, I believe.
so i heard too.... hence big gap in time between releases of recorded output
 

mariokempes

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Indeed they are. Saw them for the first time last night. I love how Arthur Joe stalks the stage. Proper front man. And reads his lyrics off printed sheets in the style of a certain Mark E. Smith.

Also, on the topic of this thread, they have no music online whatsoever, apart from a couple of YouTube videos. The CD I bought last night is a full album, to boot.
It's the venom he spits the lyrics out with that I like
 

Foley

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How is the Steve Mason album? I’ve been planning on giving it a “spin”…
I have had to order on Amazon as shop didn't have it! Loved his last solo album and I saw him at the O2 in Oxford where he was excellent and surprisingly in a very jokey mood!
 

Foley

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so i heard too.... hence big gap in time between releases of recorded output
Meet the Humans came out in 2016 and now a new release.
I think that he has improved a lot from his dark days from what I gather.
 

Sarge

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Meet the Humans came out in 2016 and now a new release.
I think that he has improved a lot from his dark days from what I gather.
he (Steve) certainly was on fine form when I ran into him at a venue we were both at in 2017
 
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