Popular French reggae label Makasound is the latest record label to file for bankruptcy amidst a global decline in demand for music.
According to a Jamaica Observer report, Makasound went under due to massive mountings of debt and online piracy that is presenting a serious threat to the music industry on a whole.
A liquidator was appointed to sell the company.
Co-founder of Makasound, Nicolas Maslowski said the company officially became bankrupt a few weeks ago.
“We (became) bankrupt a few weeks ago, everything will stop in the weeks to come, (for) both physical and online music,” stated Maslowski.
Without doubts, Makasound bankruptcy will affect the distribution of reggae music in France and the rest of Europe.
Makasound have distributed albums for the likes of Alton Ellis, Winston Mc Anuff, Black Roots, Leroy Smart, The Rastafarians, Mikey Ras Starr, Black Roots 2, The Slickers, Rub A Dub Soldiers, Carl Harvy, Delroy Williams and many others.
The company which was founded in 2002 by Maslowski and Romain Germa, grew into a respected reggae brand within France. But the global economic downturn, coupled with widespread online piracy crippled the company.
“Of course illegal downloading is one of the major problems if not the major. French people are the biggest illegal downloaders in the world. Also, of course the quality of reggae music is declining, sometimes to a level of shame,” Maslowski said.
According to the 2011 Digital Music report from the International Federation of the Phonographic Industry, there is a 31 per cent decline in the value of the global recorded music industry from 2004 to 2010.
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