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Majors Withdraw From IFPI Hong Kong

HONG KONG (Hypebot) – In a sudden announcement in Hong Kong yesterday, all four majors revealed that they were pulling out of the IFPI in Hong Kong and they will be setting up a parallel organization to manage their rights.

In a press conference yesterday attended by management representatives from Universal Music, Sony, Warner Music and EMI/Typhoon, they announced their formal withdrawal from IFPI Hong Kong and proclaimed it an appropriate time for what they call a commercial decision – a decision that our sources say had been in the making for the past 2 months.