HMV Finally Moves To Correct Business Model
British music retailer HMV has jumped on the digital music sales bandwagon with a 50% purchase of 7Digital.
A deal in the region of £7.7million, cash, was enough to tempt 7Digital shareholders to bring the high street giant onboard. In doing so they have increased their potential customer based significantly. HMV’s digital operations will now to controlled entirely by 7Digital.
It’s difficult to understand why it has taken HMV so long to move towards integrating digital music into its business as it was the logical step – of course Zavvi hasn’t seemed to understand this either.
7Digital’s founder, Ben Drury, had this to say:
“With consumer adoption of legal digital media now reaching the mass market, this joint venture partnership is great news for our customers and suppliers.”
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