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AIM and [PIAS] launch label fund as warehouse fire arrests made
By CMU Editorial | Published on Friday 12 August 2011
The Association Of Independent Music and [PIAS] have launched a fund to help support labels affected by the Sony DADC warehouse fire earlier this week.
As previously reported, the warehouse was a key storage facility for the [PIAS] distribution company. Over 150 UK indies lost CDs and vinyl product in the fire, caused during the London riots. Some smaller labels – without the cash flow to order quick replacement stock, and possibly without the watertight insurance to pay for lost product – fear the fire could put their businesses in a very difficult position.
Together, [PIAS] and AIM yesterdayday revealed that they have been working to negotiate preferential rates with suppliers and digital retailers for labels affected by the fire while they recover, as well as negotiating reduced fees in other areas. The distributor and trade organisation have also set up a fund, which companies and organisers of fundraising events can pay into.
In a statement yesterday, [PIAS] said: “The last 48 hours has seen a genuine outpouring of support for the principle of independent labels, artists and repertoire. [PIAS] and our labels have received offers of support from both some of the largest names in the business to individuals, all of which simply want to do all they can to support the continued vibrancy and creativity associated with independent music”.
It continued: “In addition to the efforts to reduce actual costs through negotiation, and in response to the numerous offers of support, benefits, fundraising initiatives etc, [PIAS] have worked in conjunction with AIM to create a fund that companies and organisers of initiatives can contribute to. In this way, we have created a vehicle for enabling those involved to do so safe in the knowledge that such monies will be distributed fairly amongst the most needy labels with the sanction of both [PIAS] and AIM”.
[PIAS] CEO Kenny Gates added: “The fund that is being put together in a matter of hours by [PIAS] and AIM demonstrates once again the strength and solidarity in the independent music community. [PIAS] will carry on engaging, helping and supporting its labels and artists in every way possible. I am very confident that our combined efforts will result in the smallest interruption to our collective business. Again the compassion of our recording artists, our labels and the industry wide support is amazing”.
The total funds initially available are £250,000, which labels can apply to receive as a one year interest free loan.
In other Sony DADC news, three people have been arrested in relation to the fire which destroyed the building and its contents, all of whom are aged seventeen or eighteen. All are accused of violent disorder and arson.
