IMPF comment on the potential sale of Downtown Music to Virgin Music Group

"IMPF is both saddened and concerned by news of a potential sale of Downtown Music to Universal-owned Virgin Music Group. Downtown Music Publishing and Sheer Publishing Africa are valued members of the independent music publishing community and indeed of IMPF. Furthermore, many of Downtown Music's other operations, notably Songtrust, are partners to independent publishers around the world. While independent music publishing continues to grow in value internationally, should this sale go ahead, it will mean further market concentration, which in turn will damage the diversity of the music industry ecosystem, harm competition and ultimately reduce choice for songwriters and publishers alike."