Posted in From The President, Press Releases by A2IM
Below is a press statement issued by Rich Bengloff and serviced by ShoreFire Media today commenting on a report issued by the IFPI highlighting that labels invest $5 billion per year on artists.
See the IFPI report here.
FOR IMMEDIATE RELEASE
On IFPI’s “Investing In Music” Report – Statement From A2IM President Rich Bengloff
A2IM President Rich Bengloff issued the following statement today:
A2IM applauds the IFPI’s “Investing in music” report for noting that “investing in music is the core mission of record companies and that no other party can lay claim a comparable role in the music sector”….and that “No other party comes close to the levels of investment committed by record companies to developing, nurturing and promoting talent. One of the biggest myths about the music industry in the digital age is that artists no longer need record labels. It is simply wrong. The investment, partnership and support that help build artist careers have never been more important than they are today.” (more…)
“Labels are obsolete.” We’ve read this line a hundred times, and heard this “wisdom” from bloggers, columnists and even artists whose successful careers have been bankrolled by well-established record labels. With the decline in recording costs, the rise of social networking sites for promotion and the “level playing field” created by retail downloaders, the DIY approach has become the mantra of many aspiring recording artists.
