In a sudden announcement in Hong Kong yesterday, all four majors revealed that they were pulling out of the IFPI in Hong Kong and they will be setting up a parallel organization to manage their rights.
In a press conference yesterday attended by management representatives from Universal Music, Sony, Warner Music and EMI/Typhoon, they announced their formal withdrawal from IFPI Hong Kong and proclaimed it an appropriate time for what they call a commercial decision – a decision that our sources say had been in the making for the past 2 months. More from Hypebot's eyes in Asia, Maths of Music 2.0 here.
