This L.A. Times piece on the destruction of the Sony DADC warehouse on Monday night lays out the facts of the situation for the British independent music industry.
Martin Mills, founder and CEO of Beggars group, a label consortium that includes 4AD and XL, states in the article that his company has lost around 750,000 units in the destruction.
Mills claims, ““We have the finances to re-manufacture quickly. For smaller labels, who probably had all their stock in the singular location, and may not have cash to re-manufacture until insurance money comes through, this is potentially disastrous.”
Whilst large labels may recover from this disaster, smaller independent labels will struggle to get past this huge loss of stock.
The full list of labels distributed by PIAS UK is here . The Association of Independent Music is encouraging those who want to support small labels during this crisis to buy digital downloads from them.