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Tuesday, March 4, 2008 | 2:08am
BUSINESS MATTERS: Bankruptcy Crippled, TVT Records Resigns with QTRAX to Distribute Music
I was confused too. Hopefully this clears it up for you.
Don’t Count TVT out Yet!
I’m confused here. Last week I reported that TVT Records filed Chapter 11 but earlier this evening (Monday) they put out a release announcing they’re renewing their long- standing relationship with QTRAX.
It doesn’t make sense that any business filing bankruptcy would sign a long term deal to distribute product. The release states that “while the label filed for Reorganization earlier this year it remains active and competitive.” Reorganization? OK…moving on.
TVT was the first label to allow fans to download tracks from acts like Lil Jon, Ying Yang Twins and Pitbull for FREE. The downloads are legal and artists, label and songwriters will be paid because the site is ad supported. This is the wave of the future people…advertising and marketing supported music. Its the only way. Ok I’ll get off my soapbox now.
“TVT has long been a forceful advocate of the ad supported model.” Said Steve Gottlieb, President of TVT Records, “When we signed almost two years ago we never imagined it would take so long for the rest of the industry to embrace the future. Consumers have made it clear they want music to be free. The ad supported model is the only way to both satisfy consumer expectation that music be free and to compensate the artists and other rights holders appropriately.”
Definitely a good look for TVT if they can manage to keep the doors open. But Chapter 11 is hard to rebound from.  Â
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Filing for Bankruptcy is just a way of protecting your remaining assets is doesn’t necessarily mean that your going out of business. I believe Donald Trump has Filed Bankruptcy on more than one occasion. So its not surprising from a business standpoint to see TVT still doing business. It’s just strategy!