The Entertainment Retailers Association (ERA) has welcomed the acquisition of HMV by Sunrise Records.
Doug Putman, CEO and owner of Canada’s Sunrise chain, was revealed as the new owner early today (February 5).
“Today is good news for the UK’s Entertainment industry,” said ERA in a statement. “With significant experience in the music, games and video market and a successful track record of growth in Canada, ERA is confident that HMV staff, suppliers and customers are in great hands with Sunrise.”
When HMV went into administration on December 28, ERA was quick to emphasise the need for the chain to survive. CEO Kim Bayley underlined the resilience of the physical sector, despite the growth in streaming.
“Sunrise recognises that on top of streaming and downloading people continue to buy physical formats, which is still a significant £1.8 bn business,” said ERA. “HMV accounts for approximately a quarter of the physical music market and a third of the video market creating a significant opportunity for Sunrise in the UK. We wish the new owners and remaining staff every success in the future.”
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