London and Hong Kong, November 13, 2006 – Music Copyright Solutions ("MCS") today announced the establishment of an Asian subsidiary ("MCS Asia") to acquire, manage and administer ownership of music in China and throughout the continent, and operate in an environment of tremendously high growth.
MCS will be based in Hong Kong and will be the company’s first direct presence in the region. The local subsidiary will provide the company with a platform to develop a new revenue stream, and enhance the ties between it and Asian songwriters, regional owners of music rights and other industry professionals.
MCS believes that the increasing enforceability of Asian intellectual property rights offers business opportunities which have yet to be explored.
Speaking from Hong Kong, Brian Scholfield, CEO of MCS commented "We are excited about the diversification of the MCS into Asia, where we already have some interesting customers, and where, as a result of our new shareholder TW Indus, we have the opportunity to kick start our operations. We believe that the revenue and profitability that will be derived from our operations in Asia, and in China in particular, will be significant, and could, eventually, be as much, if not more than the rest of the world."
He added "In the course of setting up MCS Asia we have already been asked to participate in the management and administration of catalogues that may be acquired by a Private Equity Fund and I look forward to sharing details about this and other initiatives in due course. We shall be putting our extensive experience in Europe and the US to work in Asia as we promote and sell music across the region."
Guy Fletcher, Creative Director of MCS further commented, "This is a significant chance for MCS to add to our owned and administered portfolio of music catalogues on a global basis. Chinese film, music and art are already finding a growing market in the west, whilst in the opposite direction, the liberalisation of the domestic market means the China will become a large consumer of Western music."
About MCS
MCS is a leading independent music publisher, and home to many of the world’s finest composers and songwriters. Through its 100% owned subsidiary Diamond Time, which is based in New York and Santa Monica, MCS is also a leading music copyright clearing agent in the United States. MCS’s owned or part-owned catalogues contain work recorded by artists across the musical spectrum, including Ray Charles, Tom Jones, Bananarama, Metallica, Fat Boy Slim as well as The Classical Master Series. Royalty administration is undertaken for over 1,500 clients including Arts & Entertainment, National Geographic, The Discovery Channel, Endemol UK and many individual composers.
www.mcsmusic.com
www.diamondtime.net
Further enquiries:
Brian Scholfield: +44 207 868 5390 / brian@mcsmusic.com