Dawn Raid goes into Liquidation
19.04.07
Dawn Raid Entertainment went into voluntary liquidation yesterday appointing Peri Finnigan of Mcdonald Vague (09 303 0506, insol@mvp.co.nz) as their liquidator. The first liquidators report is due April 27th.
In law, liquidation refers to the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed.
Dawn Raid have today issued the following Press Release:
Dawn Raid Entertainment founders Brotha D and Andy Murnane have placed the iconic music label into voluntary liquidation today (Thursday 19th April) They cite, a downturn in the label's revenues as the reason resulting from a shift in the local urban music market, compounded by the label's high overhead structure and increased activity in illegal downloads.
"The music industry has experienced rapid change in the last two years with the new digital-driven content formats. Unfortunately we were expanding into Australia at a time that we should have be consolidating our local operation," states Andy Murnane.
Dawn Raid Entertainment was registered in 1999 and has been home to New Zealand's leading urban artists including Platinum & Gold stars Aaradhna, Savage, Adeaze & Deceptikonz. The company was primarily engaged in signing, recording and releasing albums of undiscovered urban artists. Over the course of the 10 years Dawn Raid expanded into Australia and was involved with fashion wholesaling, retail operations, graphic design and publishing.
"Dawn Raid has been an exciting and fun journey for us, our artists and our dedicated fans over the last 10 years," says Brotha D "W e're extremely happy with the many milestones & achievements we have made. However, it's a sad day for all involved and we want everyone to know that we view Dawn Raid as a success and we look forward to new opportunities in the future,"
Dawn Raid Entertainment would like to express our sincerest thanks to all our friends, fans and associates in the music industry & business community. Although this is an unfortunate event that has been difficult for us, we believe that all music fans can look forward to a robust local music scene in the future that seamlessly combines the best of the physical and digital music worlds.
Kind Regards,
Dawn Raid Entertainment
Dawn Raid was home to several of NZ's most succesful hip-hop and soul acts including Savage, Deceptikonz, Adeaze, Aaradhna, Mareko and Ill Semantics to name but a few. Last July label supremo Brotha D was honoured with a Urban-Hero Lifetime Achievement Award at the Urban Music Awards in Australia.
The future of the artists on the label and other associated enterprises are unknown at this point, we'll bring you more news as it comes to hand.
