(photo: Hunters Race)
Amid widespread fiscal tumult and economic uncertainty, 25 organizations, including the Artist Rights Alliance (ARA), the Future of Music Coalition, and MoveOn, have sent a letter to Congress in support of the Pandemic Anti-Monopoly Act.
Addressed to Senate Minority Leader Chuck Schumer (D-NY) and House Majority Leader Nancy Pelosi (D-CA), the message voices approval of the Pandemic Anti-Monopoly Act, which has been introduced by Senator Elizabeth Warren (D-MA) and Representative Alexandria Ocasio-Cortez (D-NY). Further, the correspondence urges the Pandemic Anti-Monopoly Act’s addition to “the next COVID-19 relief package.”
After that, the letter explores the market impact of the coronavirus crisis, as well as the potential for the federal government’s multitrillion-dollar support initiatives to facilitate the “transfer of power to billionaires and big corporations” by enabling them to swiftly acquire struggling small- and medium-sized businesses for rock-bottom prices.
As the wide variety of signers suggests, the Pandemic Anti-Monopoly Act (PAMA) doesn’t solely apply to companies within the music and entertainment industries. According to Senator Warren’s website, if signed into law, PAMA would suspend all “risky mergers and acquisitions” until the Federal Trade Commission (FTC) unanimously approves them.
More specifically, PAMA would halt mergers and acquisitions involving companies with $100 million or more in market revenue, or “over $100 million in market capitalization,” as well as private-equity companies or hedge funds, among others. Finally, the legislation would afford the Federal Trade Commission and other antitrust organizations additional time to review suggested acquisitions and mergers.
The legislation and supportive letter come as many individuals and groups continue to analyze the full extent of the coronavirus’s impact on the economy – as well as the music industry landscape of tomorrow.
Late last month, for instance, Digital Music News was first to report that the Kingdom of Saudi Arabia had purchased a $500 million stake in leading concert-promotion company Live Nation.
And in a testament to the far-reaching changes that the music industry could experience because of the coronavirus pandemic, rumors pertaining to Saudi Arabia’s potential acquisition of Warner Music Group (WMG) are circulating presently.
At the time of this writing, neither Senator Schumer nor Representative Pelosi had publicly responded to the letter.
Holy is this ever misleading. The music industry is already a “Monopoly”….aren’t they a few decades late?
Yes, the Big 3 Labels control it now. Not only music but indirectly concerts, radio, music media, streaming rates, and music promotion; and even little things like vinyl production.
What the media does not tell you is that there is a music revolution going on against all this with, pennies for play for sales anywhere on line, D Pop where music counts and promotion does not, the wheel idea for open review, and much more. Maybe you should ask not only why music never changes, never new musicians, or new types of music, or even hit songs; but also why those opposed to this are never heard!
No one really controls the music business as a whole. It’s just that some elements of the music business including the film business, is simply out of your financial reach. The same as it was back in the days before United Artists principles, Mary Pickford, Fatty “Roscoe” Arbuckle and Douglas Fairbanks. It Simply takes “UNITING”, As the word suggests, so, if you are qualified, you could rise to any level of success as long as you leave your ego’s at the door. Contact me @ the following if you have aspirations of getting in the business of records and film… [email protected]
Something I left out of the above post. The music business is not some mystery as some would have you think. You really don’t need to sell your soul to get what you want. I have been in the entertainment business and on tour
in and out of the (USA) for years. Success is simply connecting the dots and having the means to stay the course. If you really have the goods as an artist, band, etc; and know what to do, it should take you no longer than 90 days to start enjoying success in a major way. When you make yourself
valuable, you become, “In Demand”… [email protected]
I’m here…
This Is Where…
I Get To Say…
I Win!!!
Ha Ha Ha