Thursday, May 12, 2005

WMG IPO

I am kind of bummed for some of my friends at Warner Music Group. I don't pretend to understand where the music business is going, but it appears that the marketplace doesn't have high hopes for the traditional music business given the downward pricing pressure of the WMG IPO pre market debut and the subsequent tumble to under $16 right now. I don't get the sense that UMG would have the same experience given their commanding market share, but until the larger issues get sorted out it seems that being exposed to the pressures of the daily market swings can't be a good thing for a business that has to invest in the future to make money. Especially when that future doesn't seem obvious to anyone.

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