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EMI questions trade bodies.
IFPI chairman and CEO John Kennedy has issued a strong defence of trade organisations, after EMI's new owner Guy Hands questioned the money spent annually on the IFPI, BPI and RIAA.
Hands, whose Terra Firma vehicle is currently undergoing a detailed review of EMI and is seeking significant cost cutting, has written to his opposite numbers at the other majors questioning whether the reported $250m (#121m) spent annually on the three trade bodies - a number that the IFPI says is exaggerated, putting the figure at around #64m - is money well spent.
It is understood the private equity vehicle is concerned about the overlap of work undertaken by the RIAA, IFPI and BPI on behalf of the industry on issues such as piracy and lobbying government and the EC.
Kennedy says that Hands' review process is "entirely understandable". "It has been a very tough year in the industry and, of course, next year will also be tough," he explains. "It is only sensible that the companies should look for efficiencies and savings. We co-operate regularly and willingly in that process and ...
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