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	<title>Comments on: The Real Deal: Trials of winning the wrong auction</title>
	<link>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/</link>
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	<copyright>Copyright The Financial Times Ltd 2006. "Alphaville", "FT" and "Financial Times" are trademarks of the Financial Times.</copyright>
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	<pubDate>Fri, 04 Jul 2008 19:45:44 +0000</pubDate>
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		<title>by: Salar Farzad</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8758</link>
		<pubDate>Thu, 29 Nov 2007 00:29:26 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8758</guid>
					<description><![CDATA[Presumably it wasn't Bowie or David Pullman who created the asset class who "fell to earth" but Prudential who bought the bonds.  In fact it showed remarkable financial astuteness on Bowie's part in being well ahead of the curve in seeing the coming slide in CD sales.

Would have been a nice line though if only the facts fitted.]]></description>
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		<title>by: :: Remixtures</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8748</link>
		<pubDate>Wed, 28 Nov 2007 20:12:54 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8748</guid>
					<description><![CDATA[[...] Com os bancos à perna devido ao investimento no valor de 3,6 mil milhões de euros na EMI realizado em Agosto passado, Hands virou-se agora para as organizações que representam os interesses da indústria discográfica em todo o mundo na sua luta sem tréguas contra a pirataria partilha ilegal de ficheiros. [...]]]></description>
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		<title>by: Right Move, Wrong Reason &#171; Cheaper than therapy</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8735</link>
		<pubDate>Wed, 28 Nov 2007 14:50:42 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8735</guid>
					<description><![CDATA[[...] Mr. Hands, it seems, has come to the realization that his firm’s purchase of EMI may not have been the smartest of moves. With a reported $3b equity stake in the $8b purchase, Guy has made a sizable bet and is now counting on mythic cost cuts and dream-like gains to bail himself out of a quickly sinking ship. [...]]]></description>
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		<title>by: Paul Sanders</title>
		<link>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8617</link>
		<pubDate>Mon, 26 Nov 2007 19:53:09 +0000</pubDate>
		<guid>http://ftalphaville.ft.com/blog/2007/11/26/9162/the-real-deal-trials-of-winning-the-wrong-auction/#comment-8617</guid>
					<description><![CDATA[The downgrading of Bowie Bonds was an early warning sign for the music industry that many felt able to ignore, but at least the performing (broadcast and live) revenue element was strong if the mechanical (record sales) was weak. And arguably it was one factor in getting Bowie back on stage, which in itself was a sign of the times as it was reliant on record companies for neither funding nor revenue.

However the comment on securitisation is spot on. Until revenue from sound recordings is securitisable in the same way as that from songs there will be no reason for anyone to invest in either making sound recordings or administering and marketing catalogues of them. And that points the way towards reasonable and non-discriminatory wholesale licensing to new distribution partners such as ISPs instead of the Stalinist command economy approach that pertains today, along with its massive and disruptive costs of enforcement.

Bronfman at WMG himself said that record labels went to war with consumers and consumers won. In fact consumers just carried on getting and enjoying music in ways that the record labels refused to countenance, as indifferent as they could be to this phoney and costly war. And last week we had John Kennedy at the IFPI crowing about a French victory in the 'war' on filesharing. No-one wants to finance a war - especially one without spoils.]]></description>
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