Thursday, 4 December 2008

Pinnacle Records enter administration

My former employer, Pinnacle Records, has entered into administration.

While it's undoubtedly true that Pinnacle were slow to adapt to changes in the marketplace, there are some very bright people down in Kent and I sincerely hope they find employment. The firm had fallen on hard times but, just in the time I spent there, had a key role in the success of The Killers, Morrissey, Katie Melua, Joanna Newsom, Tom Waits, The Strokes... the list is almost endless.

I suspect this is closely linked to the demise of EUK/Woolworths who likely would've owed Pinnacle some amount of money when they fell into adminstration. The worry now is how many independent labels will follow Pinnacle into the void. Pinnacle would've been holding a lot of stock in their warehouses.

This ought to be proof, once and for all, that there is simply no money to be had in physical distribution of music any more.

An inevitability, but sad all the same.

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