It with a heavy heart that I read this week about the demise of that venerable indie distributor 3MV. Along with Pinnacle, they've kept the independent scene alive in the UK. It's truly sad to see not only the end of this venerable institution, but also the financial hit to its indie label creditors.
This isn't the first time the indie sector's been rocked. Rough Trade's distribution arm went kaput a few years ago, causing all sorts of havoc. The industry recovered from that. These days, however, most of the indie heavy hitters are now owned by majors - Food, Creation (assets anyway), Mute.
The last thing the industry needs in an age of decreased spending is to have one of their most useful arms severed and buried.
From another site:
Dave Trafford and Max Kenny of 3mv have confirmed today that the company has ceased trading.
3mv represent an exclusive roster of the UK's independent labels including Rough Trade, V2, Ministry Of Sound, Hed Kandi and Gatecrashe - whom offered a fully integrated service including 'digital' sales and marketing and label management.
In a statement issued this afternoon the two directors have announced they are taking advice from David Rubin and Partners and that a creditors meeting has been scheduled for the end of April.
"3mv is a victim of the diminishing margins in sales and distribution. The market has grown tougher and the business model that has previously worked for us is viable no longer. Our situation has been compounded by the loss of a number of key clients in the last year. It's a very sad day for Max and myself, the whole team at 3mv, our roster and the independent sector as a whole." said Trafford in the statement.
