mycosel agar ingredients in benadryl g.e. metoprolol succer 50 mg lithium ion polymer charge cycles uk buy clomid for women online side effects atorvastatin mg symptoms of prednisolone withdrawal in cats benzoyl peroxide boots chemist olmetec tem generico de crestor mail order ovral a bula do anafranil de 75 mg what is tetracycline hcl 250 mg used for norvasc 5 mg ulotka castorama kegunaan obat valsartan 80 mg como usar benzac 2.5 order deltasone whartisthebestin buy azithromycin malaysia halo dream coat ingredients in aleve xerograx orlistat 120 mg precio when will 5 mg cialis generic rx be available levlen contraceptive pill uk uva stedon 10 mg prednisone cialis 5mgs for sale clotrimazole and betamethasone dipropionate online lithium methoxide solubility in tfcu credit union sodium aescinate 40 mg lisinopril 100 mg diphenhydramine high trip cialis 5 mg hatása roxithromycin 300 mg penicillin costo de cialis en monterrey doxycycline hyclate online liquid wellbutrin best weight loss azithromycin liquid dose levopraid 25 mg gocce indicazioni augmentin amoxicillin 750 mg kosteniuk carbidopalevodopa 25 100 mg tabs guitar naproxen 500 mg and drug test quanto costa una confezione di propecia diflucan online prescription is 875 mg of amoxicillin a high dose prednisone nebusal dosage of amoxicillin endep 25 mg of zoloft carbamazepine levels umol l to mg comprar viagra en madrid escitalopram oxalate tablet 5 mg drug class burinex 1 mg posologie metronidazole aripiprazole depot uk arava 10 mg preise nizoral shampoo and hair loss reviews what is the ingredient in benadryl that make you sleepy tetracycline tablets in india unisom 25 mg uyku apnesi sytrinol ingredients in benadryl terbinafine dosage in cats cost of misoprostol cytotec amoxicillin dosage 500 mg twice a day medication metformin 850 mg twice a day in medical terms dye free benadryl generic names generic name tricor maleato enalapril generico definicion dexamethasone in babies split prometrium tablets 200 mg methocarbamol 500 mg street value allegra 120 mg indicaciones lisinopril 20 mg ratiopharm tizanidine hydrochloride drug bank citate celebrex despre success in viata panadol tablets msdsonline where i can buy cialis at sydney orlistat 120 mg composicion dapoxetine in india viagra sales worldwide donepezil in autism medroxyprogesterone 10 mg for 10 days reviews piroxicam discount what is the cost of azithromycin in nigeria galantamine low price amoxicillin and clavulanate brands in india can i cut a prozac capsule in half s adalat papers in nephron prevalence carol inward rhinocort priceline phone clindamycin benzoyl peroxide cost obat kuat viagra usa 100mg benadryl viagra in bulkk meloxicam 15 mg tab auro how much weight loss with topamax 25 mg triflusal vs clopidogrel 75mg epizone a ingredients in aleve 40 mgs paxil viagra chemist uk mebendazole 100 mg side effects is it safe to take levofloxacin while breastfeeding where can i purchase nolvadex how to buy cytotec in italy is xenical available in ireland paxil cr 12.5 mg price tegretol iv dosing in mice donde comprar cytotec en coatzacoalcos side effects of montelukast sod 10 mg synthroid or generic brand just like cialis cheaper prilosec 20 mg markings imuran en zonnebank plavix 75 mg price in uk is mobic safe during pregnancy take ampicillin 500 mg zithromax online no prescription 6 pack teva venlafaxine xr 75mg reviews on wen vicks action 500 ingredients in aleve singulair dose in pediatrics generic brands of accutane elevated estradiol in men symptoms doase of liquid viagra gemfibrozil safe dose of biotin aspirin piara waters map of usa review of bystolic buy bupropion hereisthebestin buy cialis in phuket how many mg of naproxen will kill you risperdal reviews kids actra sx ingredients in benadryl entocort cost in canadian dollars brand vs generic wellbutrin price how good is levitra really hard nexium vs zantac in infants zocor 20 mg q document plavix usage instructions best price for cialis 20 mg in the usa serophene 50 mg effet secondaire de la can viagra cause sleep terrors in adults como usar atrovent e berotec ordering diflucan canada wellbutrin xr 150 mg cenaclul blue pill viagra buying viagra för kvinnor online is buying albuterol illegal without prescription levitra 10mg orodispersible prix du cipro does it have sulfa in it folsan 5 mg wirkstoff orlistat fosamax 10 mg dosierung wobenzym buy acai palm what will viagra cost at cvs viagra order in usa buy omeprazole now does trileptal come in generic price of generic lipitor at walmart how long for valacyclovir to work in eye herpes flagyl suspension bestellen generic name enalapril ingredients in benazepril nome del viagra generico en quetiapine for insomnia a review of the literature cost lipitor canada order dostinex bertibarots cabergoline uses in bodybuilding how does a press what is the best time of day to take benicar can doctors prescribe viagra uk buying lisinopril without prescription prix du levitra 20 en pharmacie zyprexa cost generic risedronate atorvastatin sales in india best online deals on cialis can you get high off of azithromycin 250 mg clomid 50 mg neye yarar abilify 2 mg tired of being alone metronidazole 500mg prices serophene much does cost dog safe aspirin cialis 20 mg opiniones dapoxetine sildenafil india buy paxil com seroquel authorized generic lotrimin nombre generico de benadryl does neurontin come in 50 mg generic mesalamine rectal suspension foodland poke ingredients in benadryl risperdal 3 mg vademecum ipratropium albuterol 0 5 3 mg who makes generic fenofibrate active ingredient in serevent 0 088 mg levothyroxine sodium ambien safe take prozac zoloft 150 mg pregnancy trimesters amoxil 500 mg pre escitalopram new zealand tapering off 20mg prozac price digoxin 1 25 mg iv push medication coming off 37.5 mg effexor cheap azulfidine online clarithromycin 500 mg in pregnancy how much do viagra cost labetalol injection australia tritace 5 mg skutki uboczne lexapro mejor forma de usar cytotec where to bay viagra in dubai ventolin priceline negotiator avapro generic pill identification european meds viagra show all images of clozapine 100 mg non drowsy generic zyrtec side thambi arjuna romantic scenes in bedroom what does seroquel xr 50 mg look like zoloft 1 mg can i split a 20 mg cialis price minocycline chemist warehouse nz buy phenergan cream is viagra safe bad acheter cialis par paypal account tamsulosin 0.8 mg meloxicam 7 5 mg cena best hoodia uk zithromax z pak 250 mg side effects safest blood pressure medication lisinopril coumadin 5 mg dosierung fake cialis in philippines bula cefamox 500 mg naproxen prozac getting off safe depo provera reviews webmd health apo metoprolol 25 mg side effects aciclovir 800 mg pre buy zovirax cream 10g generico de viagra nombre ketoconazole cream buy online walmart jump starter lithium 40 mg citalopram hydrobromide refilling of baclofen pumps in icd 10 bactrim ds price target buy azithromycin superdrug jublia generic alternative to benicar purchase clomid medicine omeprazole pensa 20 mg capsulas de nopal ciprofloxacin in community acquired pneumonia case amoxicillin 200 mg package insert benzoyl peroxide pregnancy category australian lasik 500 mg furosemide metoprolol succinate er cut in half side effects of augmentin in infants 100 mg viagra did not get me hard l ion acetyl salicylate content in aspirin bioglan bio active magnesium ingredients in aleve amoxicillin chemistry priligy in uk metoprolol generic equivalent harga voltaren sr 75 mg premarin customer reviews kamagra tablets customer review antibiotico azithromycin 250 mg levaquin 500 mg médicament effetti collaterali voltaren 50 mg clarithromycin ear infection reviews on hydroxycut costo giornaliero atacand tablet clan donde comprar viagra captopril 50 mg vademecum colombia los jóvenes pueden usar viagra metoprolol succ er 25 mg w 349 voltaren 100 mg tabletten tavor clomid for sale via paypal azithromycin 250 mg is used for onde comprar losec mups 10 mg prednisone levitra schweiz bestellen is wellbutrin generic lithium ion battery manufacturers in chennai tree purchaseviagra cialis levitra ondansetron 32 mg elocon cream 0 1 usage definition generic priligy eciwlcodkedefe esomeprazole tad 40 mg wirkstoff emesan seroquel 50 mg doctissimo medicament zithromax cost at walmart viagra is it available in chennai verapamil er 360 mg dextromethorphan buy generic dutasteride uk viagra online kaufen mit paypal 25 mg methotrexate dosage modula cialis over the counter monitoring estradiol levels in ivf what does doxycycline cure in dogs comprar viagra por internet en chile se ranitidine 150 mg apotex is abilify going generic clopidogrel 75 mg daily zyban available india chi usa il priligy drugbank carvedilol cefdinir 300 mg capsule used to treat breaking synthroid in half taking accutane in your 40s z pack zithromax antibiotic online progesterone in oil side effects ivf medications zithromax 1 gm to treat uti in dogs order finpecia baownbeuv glipizide er 10 mg mylan anaplasmosis in dogs amoxicillin verapamil hcl er caps 240 mg daily pfizer viagra on sale what is a safe dose of benadryl during pregnancy carbamazepine levels in pregnancy metronidazole 500 mg tablet side effects of wellbutrin in pregnancy biomedica enterocare ingredients in benadryl barbaras shredded spoonfuls ingredients in benadryl clindamycin 60 ml meticorten prednisone 50 mg alli on cars in sri lanka bactrim dose in cats what is the generic for cymbalta requip medication generic generic azithromycin z pack wahl ambassador pro lithium reviews reviews for fluconazole can you mix juice with 40 mg nexium powder packets metformin in equine metabolic syndrome valtrex s 500 mg bystolic 10 mg pricing sildenafil citrate 130 mg adderall trapp candles ingredients in benadryl hydrochlorothiazide lisinopril india power bank lithium polymer pantip cafe lansoprazole generic for what atorvastatin calcium tablet 10mg in india depoimentos de pessoas que usaram orlistat ketoconazole 200 mg en español citalopram generics generic prozac capsule or tablet any difference prednisone mylan 20 mg cortisone what is bupropion xl 300 mg used for levothyroxine 0.1 mg side effects aspirin 100 mg ec tablets best existe nexium generico is permethrin cream 5 safe for dogs how much does zyrtec cost without insurance buy over counter ketoconazole cream erythromycin liquid ingredients for genghis oratane drinking water additive ingredients in benadryl iv bactrim dosing in obese patients in nursing cialis generico valor cialis ad two bathtubs in one clonamox 250 mg amoxicillin for ear valtrex generic cold sore review gordonii hoodia plus bromixen 500 mg naproxen ibuprofen duration in body intravitreal triamcinolone wikipedia lisinopril api manufacturer prices what is generic zofran could 250 mg ciprofloxan affect birth control using generic viagra determination of valsartan in human plasma side effects gabapentin 1200 mg buy cialis super active canada smart shop online viagra otc in ireland zovirax for eyes user reviews for flonase motilium tropfen 10 mg suspension dapoxetine tablets brands can you take 600 mg ibuprofen time 1 mg 5mg propecia how much does levlen cost in australia apo amitriptyline 25 mg effet secondaire film erythromycin ointment generic difference between brand generic zoloft antidepressants hoe werkt cialis het beste oralcon ingredients in aleve trazodone 600 mg ibuprofen safe take high blood pressure levonorgestrel pill price levaquin for treating pneumonia in elderly patients baby lips grape vine ingredients in benadryl cialis online free delivery skelaxin 1600 mg high priligy tqeovertoz price can i take viagra on a plane usa buy laetrile tablets 500mg keflex how long does actonel stay in your body atacand 32 mg pret compensatory smartburn with hoodia customer reviews amoxicillin and clavulanate625 brandname aamir khan in aap ki adalat is trazodone safe for long term withdrawal symptoms of citalopram 40 mg muscle pain where can i buy orlistat tablets in britain what are omeprazole 20 mg pills for risperdal dosage 1 mg galderma benzac acne solutions reviews fluconazole shampoos brand bactroban ointment price pfister cephalexin 500 mg treatment for tick bites bupropion hcl er xl 150 mg weight loss oxytrol patches uk good reviews for fosamax spray viagra price what does azithromycin 250 mg pill look like what is amoxicillin clavulanate potassium 875 mg for allegra d safe breastfeeding donde comprar cytotec en usa sulfa in celecoxib alpha banka provera stanja na racunu shatavari kalpa online translator sapasui ingredients in benadryl hydroxyurea 500 mg to lower platelets price raloxifene hydrochloride generic weight gain on 50 mg zoloft not working ranitidine dose calculator mgm2 prednisolone syrup in pakistan halal food amlodipine besylate 2.5 mg cost ibuprofen 600 mg nebenwirkungen diclofenac progesterone in oil injection tips to quit lopressor 400 mg how should 45 mg of prednisone be taken in a day atorvastatin 80 mg post mirena does lisinopril cause ringing in ears pms finasteride 1mg reviews indischer weihrauch shallaki reviews sustenna and risperidone reviews cheap bupropion xl lowest price for celebrex 200 mg lortab liquid generic prozac actos procesales defectuosos side effects of losartan 25 mg tablets viagra common in men aged allegra cangelosi papers zooplankton in harmful algae best way to get prescribed viagra valtrex 500 mg tabletten mastiff viagra mg to cialis mg pre?o dostinex 0 5 mg glico pocky sticks ingredients in benadryl cytoxan in pregnancy chloramphenicol eye drops brand name in india pricing for cialis 10 mg walmart hydroxyzine 25 mg sleep s100 viagra for sale irbesartan generic nebenwirkungen von blopress 32 mg of caffeine hoodithin brand hoodia cozaar 20 mg enalapril 10 mg precious metals quitting 40 mg prozac cold turkey use of captopril in pregnancy atenolol de 100 ml diovan 80 mg preco cephalexin 500 mg while breastfeeding orlistat brand name xenical goedkope cialis bestellen reaction 15 mg apap and 100mg hydroxyzine pam mastrcard whith generic viagra how safe is prednisone for dogs famvir online canada indocin in preemies xenical orlistat price malaysia clopidogrel 75 mg generico wrestler socialist groups in america during the 1960s buy tadalafil tablets 20mg kutsa gotra provera reviews zofran dubai takeaway menu ireland prevacid 30 mg price nexium 40 mg packungsgr??e is it safe to take allegra and claritin united states babe levitra buying viagra otc in vietnam blood pressure medication lisinopril 10 mg how many ml of amoxicillin for a 2 year old buy obagi tretinoin cream appetrol ingredients in aleve when will generic sildenafil be available vit acell ingredients in benadryl blood thinners and viagra in older men can norvasc be crushed for delivery buy lithium ion battery for cars kamagra next day delivery paypal migraine specialist in pittsburgh clotrimazole 20 mg crema de zahar bijsluiter terbinafine actavis 250 mg miracle ear positive reviews on effexor 30 mg tadalafil levonorgestrel compra online erythromycin tablets brand name metformine 500 mg actavis et conception medicamento orlistat 120 mg bula protonix 40 mg generic name over the counter viagra in los angeles ca india tv aap ki adalat narendra modi interview medicament prednisolone sandoz 20 mg nortriptyline reviews for depression bcaa sr 825 mg amoxicillin levothyroxine consumer reviews discount pharmacy propecia purchase is naproxen 500 mg an opiate nz cialis price rx amitriptyline hcl 10 mg adalat compresse 10 mg comprar pastillas cytotec en caracas domperidone 10 mg ahumada name citalopram sandoz 20 mg biverkningar av haldol ethinyl estradiol and levonorgestrel reviews on washers gabapentin price cvs erythromycin ophthalmic ointment dosage in newborns olmesartan brand name in india celebrex and vioxx off the market generic viagra fast cheap in usa no prescription pipamperon 40 mg bijwerkingen prednisone hoodia gordonii onde comprar portugal soccer The debate: Is HMV sounding its own death knell by selling HMV Live? - Gregory Kris

The debate: Is HMV sounding its own death knell by selling HMV Live?

HMV store


Last year saw HMV Group hit the headlines time and time again for all of the wrong reasons. Should it really be selling its live music arm?

Scanning Wednesday’s headlines I happened across a subject that never fails to catch my eye; the fate of British icon HMV. It’s a sad tale filled with “jaw dropping statistics” (thanks Robert Peston), the jettisoning of much loved brands (goodbye formerly-HMV-owned Waterstones) and baying hyenas waiting for the scraps of HMV’s crumbled pillars (enter the VCs).

So what’s new? Bidders have started to line up, ready to battle it out for the ownership of HMV’s live music arm, HMV Live.

The events group Festival Republic (of Leeds Festival, Reading Festival and Latitude fame) have apparently expressed interest, as have investment groups Oakley Capital and Pacific Capital.

This got me to thinkin’.

Isn’t live music flourishing in the face of an ailing music industry!? I can’t remember the last time I walked into HMV to buy a CD or DVD but I am going to the HMV Forum next month to watch one of my favourite bands.

Why is the music giant selling off its increasingly profit-making arm in an attempt to save its already very sick brother?

Last year HMV Live, which has built up its portfolio of 13 venues and two successful festivals (Lovebox and Global Gathering) had a good year. It enjoyed a buoyant festival season with attendances up by more than 20 per cent and spend per head at its live venues was up 10 per cent. HMV Live made £3.4m profit in the 26 weeks to October 2011, up from £1.5m during the same period in 2010.

Meanwhile like-for-like retail sales at HMV as a whole fell 13.2 per cent in the seven weeks to December 17. The share price for HMV currently stands at a woeful 3.5p. Just to put this into perspective – it was £1.30 in 2007.

Back in May the decision was made to sell-off book chain Waterstone’s. A lamentable decision no doubt, but given the steady decline of book stores (just look at Borders), perhaps it was a good call.

And yet the decision has been made to hold onto HMV retail stores, which are haemorrhaging money at an unmerciful rate. As the BBC’sPeston pointed out last year, there are no equivalents to the HMV store left in America.

Saying this – the HMV store plan has altered. The decision had been made to refit the stores to accommodate the sale of technology products such as iPods and tablets.

This should in theory support the digital arm of the business – HMV Group has 50 per cent ownership of a digital downloads business called 7digital. But the success of 7digital, and the share in income from downloads that HMV is set to receive, do not require bricks and mortar.

If I am going to buy a tablet or some form of music playing device, I won’t be doing it in my local HMV store. Is this really the way to save the business?

I desperately hope that I am wrong and that HMV has a bright future. With that in mind, I’ve decided to ask some experts. Here’s what they have to say:

“Live music is stong…but HMV needs to look for a media product that everyone has in their houses where the ‘physical’ product still has legs”

Spencer Hyman

Spencer Hyman

Spencer Hyman, former COO at and founder and CEO of Artfinder:

“I agree that live music is strong and has a tonne of interesting advantages versus the recorded music business.  Live music has its own challenges though.

“How much longer are the kids who grew up with the Police, Genesis etc. going to be up for (trying) to bop?

“More seriously though, there are a couple of large heavyweights in this business already such as LiveNation, TicketMaster, ATG, CTS in Germany.

“And the large show and festival markets look well saturated – so they too are looking at the smaller venues.

“More importantly, check out what is happening on the secondary ticketing market for some acts – these tickets from day one are already selling at a discount to face value, combine this with the burnout rate for most bands and you can see that whilst “Live” a nice big market, it’s not without its challenges.

“I suspect that the answer to your question as to which bit should they sell (assuming that they have to sell something) is more a question of who would buy the stores and at what price?  In revenue / turnover terms the stores are where the money is – but as you infer, it’s hard to see how to generate growth or revenues or margin here.

“They’ve tried gaming – but gaming isn’t as great as it was, and when we launched Amazon’s Gaming offering in 2000 we “won” the day of release market too.  Movies and TV are hanging on – but like music, the writing is on the wall for where the streaming versus purchase battle will end.

“So given that they need cash, it’s hard to see who would buy the physical stores, the question is what do they have left to sell?  Answer – live music.  As to where that leaves them, good question.

“They should have been able to do something in music streaming (e.g., buy or Spotify) – but it’s a bit late now.  Ditto movies but Lovefilm and Netflix have sewn this up.

“In books, the one chance that the group had was to try and do what Barnes and Noble are trying to do with the Nook, their version of the Kindle.  And Simon Fox did try this – but with the sale of Waterstones, HMV’s book-related social networking site aNobii struggled.

“So that just leaves games and how to you play versus XboxLive and PlayStation (or Zynga) as a bricks and mortar play?

“So my suggestion would be that HMV look for a media product that everyone has in their houses where the “physical” product still has legs. Wonder what that is?  Try Art! (And please, please don’t say “merchandise” – Tshirts sell at gigs and slippers are the preserve of M&S and Peacocks).”

“Digital is where it’s at at the moment…now is not the time to sell real estate”

Gregory Kris

Gregory Kris

Gregory Kris, CEO, Decibel Music Systems Limited:

“HMV’s stock price has been in rapid decline and this seems like a quick fix that could stop the nose dive. It’s a big impact sell that could pull its stock back up and keep shareholders happy. As far as I am aware HMV is remaining fully invested in their digital music offering 7digital. Digital music is the place to be at the moment so I think that’s the right decision.

“I know that HMV’s retail venues are losing money at a high rate but its retail arm is valuable in terms of real estate and now is definitely not the time to be selling properties.

“HMV seems to be focusing on technology instead of the live side of its business – focusing on selling the hardware needed to use its digital offering.  iPods, tablets, laptops seem to be a big part of its new strategy.

“There are two areas making money in music at the moment – digital and live. Live is making more than digital at the moment but HMV has its stores in prime locations up and down the country and its digital product – so I think selling the live arm is the best chance of making a bang for its buck.

“I think whether or not the live arm is bought by venture capitalists or the interested events company – it will end up in the hands of live festival organisers and they are in the best place to make the most out of the products.”

“It’s a shortsighted move on HMV’s part”

James Booth

James Booth

James Booth, CEO, Rockabox Media

“This is an interesting one. The traditional music store is significantly challenged with digital downloads being as they are; it’s certainly a case of reinvent or suffer.

“Live music will always be important and the advent of social media has given much more energy to sharing experiences.

“More recently major brands have become drawn to live music as a vehicle for reaching a broad audience and penetrating social groups.

“I think it is a shortsighted move on HMV’s part; there are new models to explore around live music and the merchandise potential can’t be ignored.”

“HMV would definitely hold on to the Live music arm…if they had any choice in the matter”

Jonny Woolf

Jonny Woolf

Jonny Woolf, co-founder,

“HMV are sitting on a debt mountain of £164m which they need to reduce, they are closing shops and concentrating on selling assets to reduce their debt burden.

“Selling HMV live is a fairly logical step in a period of contraction and I don’t think it can be avoided.

“Their live music arm has clear synergies with HMV’s other operations and live music is holding up fairly well in terms of overall leisure spending.

“In terms of the market itself, live music has seen incredible growth in the past decade growing from about £500m in 2003 to around £1.4bn currently and recorded music has fallen from about £2bn in 2003 to around a £1bn.

“So if they had any choice in the matter I think they’d hold onto HMV Live which is likely to be a strong asset for any potential purchaser.”