VP Sends Shockwaves Through Reggae Industry With An Offer To Buy The Competition
Waves of panic and speculation have been building like hurricane season in Jamaica this week with the announcement that the two most prominent and successful reggae record labels might become a single monopoly. In the upheaval of a changing music industry, the legendary Greensleeves Records claims that digital sales are not compensating for losses in physical sales which, combined with exchange rate volatility caused by the failing US Dollar, is enough to consider VP's offer of £3 Million cash. Greensleeves asserts that brute economics is the driving force in their willingness to consider selling the company and its extensive 30-year catalog.
Greensleeves boasts an awe-inspiring 400 albums and 900 singles from 1980 to the present and has the UK and European reggae/dancehall markets locked in. Both would be a huge asset to VP if the two companies ceased to be competitors. Of course, the reggae music community is divided on what all this means for the future. On one hand, if VP acquires Greensleeves, we'll have a monopoly of reggae record labels on our hands. Many worry that VP will unfairly control the back catalog as well as restrict new releases. Others can see the benefit of keeping the archives and the artist relationships "inna di family". VP is more dedicated to and involved in the global reggae market and independent local resources than any other major label. Therefore, they know the business better than anyone and would be the best equipped to properly handle the rich musical heritage that would change hands.This news of VP's bold offer to absorb its long-time competition comes fresh on the heels of Christy Barber's return to the executive offices of VP. Barber was appointed VP of Marketing and Promotions for VP Records this month after an 8 year stint as head of Marketing and Promotions at Tuff Gong/Ghetto Youths. Before that, Barber was Director of A&R at VP from 1998-2000. She's recognized as one of the most successful execs in the reggae and urban markets and she re-joins VP at a time the label is regarded as the fastest growing publisher of reggae music. A report on Irish and Chin's news page quotes VP Records Prez Randy Chin (Barber's new boss):
Greensleeves boasts an awe-inspiring 400 albums and 900 singles from 1980 to the present and has the UK and European reggae/dancehall markets locked in. Both would be a huge asset to VP if the two companies ceased to be competitors. Of course, the reggae music community is divided on what all this means for the future. On one hand, if VP acquires Greensleeves, we'll have a monopoly of reggae record labels on our hands. Many worry that VP will unfairly control the back catalog as well as restrict new releases. Others can see the benefit of keeping the archives and the artist relationships "inna di family". VP is more dedicated to and involved in the global reggae market and independent local resources than any other major label. Therefore, they know the business better than anyone and would be the best equipped to properly handle the rich musical heritage that would change hands.This news of VP's bold offer to absorb its long-time competition comes fresh on the heels of Christy Barber's return to the executive offices of VP. Barber was appointed VP of Marketing and Promotions for VP Records this month after an 8 year stint as head of Marketing and Promotions at Tuff Gong/Ghetto Youths. Before that, Barber was Director of A&R at VP from 1998-2000. She's recognized as one of the most successful execs in the reggae and urban markets and she re-joins VP at a time the label is regarded as the fastest growing publisher of reggae music. A report on Irish and Chin's news page quotes VP Records Prez Randy Chin (Barber's new boss):We are thrilled to have Cristy join the VP Records family” stated Mr. Chin. “Her extensive knowledge of reggae and heartfelt passion for the music mixed with her experience working at Tuff Gong and major record companies offers VP the right blend to keep VP as the leader in the genre. Her addition completes what is the best management team in Reggae today.Irish and Chin news with the press release about VP's offerConflict within reggae community about potential VP monopoly is reported on one876E news
Comments (0)