In a surprise response from many major record labels, HMV has yet another offer to help curb their money woes this week and all this only days after the troubled company officially went into administration.
A report in The Sunday Times suggested that major groups such as Universal Music, Warner Music and Sony are ready to begin cutting the prices of their range of CDs and DVDs, as well as giving HMV a credit deal to help it through this difficult time.
The major labels are looking to create an environment to reduce the cost of retailed music and movies in order to stick a fork in the cut-throat pricing structure adopted by major supermarkets and online stores, in doing so they aim to avoid the fact that major publishing houses could be left with just Tesco (or similar retail unit) or Amazon as a distributor for their goods.
As a consumer this is a great thing, while I know that ASDA and other supermarkets can often have the best deal, they for the most part haven't got a clue about the product they sell and it would be a shame to lose another specialist retailer here in the UK. Even more so if this plan goes ahead we could see reduced prices across the board that would make stepping into HMV for a fair priced movie or album a viable option once again.
HMV literally have offers flooding in for their business, over 50 so far have made a bid for the company including retailer Game who clearly must have recovered from administration nicely if they can afford an expansion such as this!
Either way it would be nice to see the 4000+ employees of HMV keep their jobs and consumers get a good deal out of it too.