UK industry body the BPI
has launched a £100,000 fund for independent labels affected by last week’s fire at the Sony DADC warehouse. The fund will be administered jointly with indie body AIM, which announced its own relief effort last week. The BPI’s fund is made up of individual donations from members as well as BPI’s own reserves, and will be distributed as interest-free loans to help labels remanufacture stock lost in the fire. “We want indie labels to get back to normal business as quickly as possible, and we are joining our funding up with AIM’s initiative to ensure that those labels affected can afford to replace damaged stock and can focus on creating great music,” says deputy chairman Mike Batt. Music Ally expects more initiatives to spring up this week, including digital music retailers.
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