January 26, 2010
This and more in the MIDEM daily News, only in Cannes and online soon!
European music companies are launching a financial blueprint for music.
The plan includes football-style compensation and revenue-sharing mechanisms, new accounting standards to value copyright properly, and a range of national and EC investment measures for companies, Impala announced at MIDEM yesterday.
Impala’s Helen Smith (photo) said: “This is a call for action, not only to European and national decision makers but also to the music sector itself. Football and other sports compensate small clubs for two reasons. First, to help them compete because of the huge gap with the big clubs. Second, to reward them for their investment in discovering and developing talent. It’s a perfect model for music.”
IMPALA also looked at other sectors, including film production where effective investment schemes exist at national and EC levels, and is calling on governments to open up these schemes to include music.