Aussie music distie Creative Vibes shutting down
"Australian label and distributor Creative Vibes is calling it a day after nearly 15 years in the business. In a statement, the founders blamed in part competition from vertically-integrated multinationals and the recent massive fall in the Australian dollar for their decision to wind-up.
"The majority of our business is in imported music which has always funded our investments in emerging, Australian artists," they write in a post on Creative Vibes' website. "Because of the recent, drastic drop in the value of the Australian dollar, combined with the spiralling demand for discounts and deals, we can't get the margin out of our imports to sustain the development of our local releases."
The executives add, "It will take us a couple of months to help our labels and artists find new homes, pack everything up, collect the money our customers owe to us and distribute it out to our artists and suppliers, but we'll conduct the wind up as quickly and as efficiently as possible."
Full story here. Hat tip to Spragga for the info.
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