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HMV resurrection

HMV-014

Longer term readers of this blog will recall that as someone with experience of the music industry, I had a particular interest in the fortunes of HMV and to be perfectly frank, I thought that their prospects were very gloomy indeed

How wrong i was. Seemingly by getting the branding and presentation as well as some astute marketing, they appear to be making great strides. This particular quote really surprised me.

The stricken business was rescued by the little-known turnaround firm Hilco, which has also been involved with Habitat and Clinton Cards in the past. Its chairman Paul McGowan says the commonly held view that digital (music) was killing the physical “was never true”. “Only 30% [of music buyers] switched to digital – 70% of the market is still physical.” It’s only a “matter of time”, he adds, before HMV reclaims the top spot from Amazon, which banks 20% of UK music and DVD sales versus HMV’s 19%. Sales at HMV stores have increased nearly 14% in the past two months, including a 21% increase in sales of CDs and vinyl records.

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