CD price fall rejected
Sunday 18 April 1993
His comments came after the Commons national heritage select committee heard evidence from the managers of two of Britain's most successful rock groups. Record industry leaders will put their case on 29 April. The inquiry follows a long campaign for cheaper CDs in the Independent on Sunday.
At last week's committee hearing, Ed Bicknell, manager of Dire Straits, told MPs that the high price of CDs was preventing more people buying them. A price reduction could help lift the industry out of recession.
Mr Oberstein said that lower prices would not improve sales, but reduce profits and limit investment in new talent. 'The industry earned pounds 700m for Britain in 1991. A reduction would affect our ability to generate decent profits to invest in new talent. In 1991-1992 we spent pounds 130m on British recordings. The consumers have voted with their purses. More than 51 per cent of the record business is in CD sales. The public make the prices.'
For the Consumers' Association, which supports Dire Straits' and Simply Red's campaign, policy director Stephen Locke said: 'If it is established that CDs are too expensive, and could be priced more reasonably, the industry would have an obligation to respond. They can't say, 'If we can get away with it we will'.'
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 4 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
A nation of inequality: How the UK is failing to feed its most vulnerable people
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£35 - 40k + Benefits: Guru Careers: We are seeking a Software Developer (JavaS...
£18000 - £23000 per annum + Commission: SThree: As a Trainee Recruitment Consu...