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Joined: May 2006
Posts: 7,911 Likes: 1
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Joined: May 2006
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Evidently their largest client switched away from Music Dealers and they are unable to continue operations without them. I don't think they owe me any money at present but they did get me a placement that earned me about $3k a few years ago. Oh well. I still get small payments from BMI for that placement.
Last edited by Colin Ward; 07/23/16 06:39 PM.
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Joined: Feb 2005
Posts: 7,831
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Joined: Feb 2005
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Hi Colin:
I tried them several years ago. Sorry to hear they are giving up... but I sure understand. Having all your eggs in one basket is never a good plan... but I can't even find a basket... LOL!
I sure hope your band is drawing good crowds and generating some cash for all of you. Making music is a labor of love for the most part... but isn't it wonderful when the register rings!
All my best,
----Dave
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Joined: Dec 2008
Posts: 10,806 Likes: 82
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Joined: Dec 2008
Posts: 10,806 Likes: 82 |
Wondering where you heard this Colin? Nothing's mentioned on their website. And the upload mechanism is still working. I notice 30 of my tracks on their site. Though it's been a long time since I gave them anything new. It seems odd to me that a music library would declare bankruptcy. Though the competition is fierce. I hope this isn't the start of a "domino effect". Best, John 
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Joined: May 2006
Posts: 7,911 Likes: 1
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Joined: May 2006
Posts: 7,911 Likes: 1 |
Perhaps they have not actually filed bankruptcy at this point but I received a letter from an attorney essentially asking for any claims I may have for payment from Music Dealers. They will divide the remaining assets, if there are any, among the claimants because "Music dealers ability to generate sufficient cash flow to meet its obligations has been severely compromised. Music Dealers and its management concluded that it could no longer continue as a going concern." Their statement of Assets and Liabilities as of July 12 shows assets of 982,700 and liabilities of 10,915,000, a deficit of (9,932,300).
There is some boilerplate saying this has not been audited or reviewed, etc. etc. so don't quote me!
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Joined: Dec 2008
Posts: 10,806 Likes: 82
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Joined: Dec 2008
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Bummer Colin! John
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Joined: Dec 2008
Posts: 10,806 Likes: 82
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Joined: Dec 2008
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I emailed Music Dealers about discontinuing their operations. Here's their reply: "Yes, unfortunately. After months of steady growth, we had a series of abrupt and unexpected setbacks in June and had to suspend operations". Second email as to whether they'll recover in the near future: "Sadly, we are wrapping up the current operations. The operations, in one form or another, may come back or merge into another entity, but that is only discussion at this point"John
Last edited by John Lawrence Schick; 07/26/16 08:58 PM.
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Joined: Dec 2008
Posts: 3,845
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So, what happens with your contracts and tracks in this situation?
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Joined: Apr 2001
Posts: 20,000 Likes: 32
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Joined: Apr 2001
Posts: 20,000 Likes: 32 |
in many cases they are sold to the highest bidder.. something people need to be careful of when agreeing to put stuff on these sites... once it is one or two companies removed it is impossible to track use of your music by people as they often rename tracks and license them and keep the money until someone catches on then they shut down, sell sometimes to themselves under another company name and keep going.
Beware... the few pennies that are out there are often still stolen from people...
Brian Austin Whitney Founder Just Plain Folks jpfolkspro@gmail.com Skype: Brian Austin Whitney Facebook: www.facebook.com/justplainfolks"Don't sit around and wait for success to come to you... it doesn't know the way." -Brian Austin Whitney "It's easier to be the bigger man when you actually are..." -Brian Austin Whitney "Sometimes all you have to do to inspire humans to greatness is to give them a reason and opportunity to do something great." -Brian Austin Whitney
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Joined: Nov 2008
Posts: 5,210
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Joined: Nov 2008
Posts: 5,210 |
Perhaps they have not actually filed bankruptcy at this point but I received a letter from an attorney essentially asking for any claims I may have for payment from Music Dealers. They will divide the remaining assets, if there are any, among the claimants because "Music dealers ability to generate sufficient cash flow to meet its obligations has been severely compromised. Music Dealers and its management concluded that it could no longer continue as a going concern." Their statement of Assets and Liabilities as of July 12 shows assets of 982,700 and liabilities of 10,915,000, a deficit of (9,932,300).
There is some boilerplate saying this has not been audited or reviewed, etc. etc. so don't quote me! I got one too Colin, was unsure what it meant.. Kim
*Always open to collaborations on my lyrics.. with singers and musicians, but PLEASE contact me before putting work into one--in case someone else has it..thanks!!** BMI Member All Rights Reserved http://www.littleikepublishing.com Email for Song Business Only littleikeproductions@hotmail.com
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Joined: Apr 2001
Posts: 20,000 Likes: 32
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There aren't many companies that last over 30 years. Us and TAXI are about it.
Brian Austin Whitney Founder Just Plain Folks jpfolkspro@gmail.com Skype: Brian Austin Whitney Facebook: www.facebook.com/justplainfolks"Don't sit around and wait for success to come to you... it doesn't know the way." -Brian Austin Whitney "It's easier to be the bigger man when you actually are..." -Brian Austin Whitney "Sometimes all you have to do to inspire humans to greatness is to give them a reason and opportunity to do something great." -Brian Austin Whitney
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Joined: Sep 2005
Posts: 3,650
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Joined: Sep 2005
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I had some songs with MD for awhile but then some new guy came in and dropped the songs from the MD catalog....Competition is indeed brutal in every aspect of the music business..Not really surprised to hear that MD is going/went out of business...Hope its songwriters dont get screwed out of their money..Not that Corporate America would steal money from the little people-lol Yeah right!
Goodbye Music Dealers
Tom
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Joined: Aug 2008
Posts: 4,700 Likes: 2
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Joined: Aug 2008
Posts: 4,700 Likes: 2 |
I had a handful of songs with MD as well. And they did get me a licensing deal for an episode of a TV series. It was only 1.5K, and after a three-way split that amount didn't go too far.  Still, it was a nice surprise for us, and gave me my lifetime's '15 minutes of fame'.
Honour the Earth. Without it, we'd be nowhere.
Life is too important to take seriously.
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