Covid: NME owner says pandemic impact wasn't all negative
As an already reeling music industry is hit by the coronavirus, the owner of UK publication NME says the pandemic has brought challenges and opportunities.
Singapore-based BandLab also owns music brands ranging from guitar-making to retail and digital platforms.
The virus came at a time of already seismic change for the industry as firms seek new ways to make profits.
In recent years, the recording industry has been revolutionised, while instrument and magazine sales fell.
The last two decades have seen the business model of traditional record labels massively disrupted by digital downloads, while the market for musical instruments and magazines has been hit by radical changes in consumer behaviour.
As the coronavirus pandemic compounded this already hostile business environment, many companies in the music industry have seen their businesses hit hard.