Indie labels happy after Warner acquisition of Parlophone

Following Warner Music’s takeover of Parlophone Label Group earlier today, the resounding reaction among the independent music industry is one largely of relief.

Beggars chief Martin Mills has stated that the acquisition is the “best result for the market” and balances the giant forces of Sony and Universal.

Mills (pictured above) told MusicWeek:

“Warners winning this is the best result for the market, given the commission’s expressed desire to create a countervailing force to the established duopoly of Universal and Sony.

We trust that direct benefits to the independent label sector and the artist community will flow from it.”

Meanwhile, Helen Smith of European indie label trade body IMPALA told CMU:

“We would expect to see a significant re-balancing effect as a result of this, after all, ‘two’s company, three’s a crowd’. A stronger competitor to the Universal/Sony duopoly should make the market more open at all levels and give artists new opportunities. We would also expect this to be complemented by significant strengthening of the independent sector”.

The sale, completed earlier today, is expected to be worth around £487m.