Beggars Group
Beggars Group is a British record company, founded by Martin Mills, that holds various record labels, including 4AD, Rough Trade Records,[2] Matador Records,[3] XL Recordings, and Young.
Beggars Group
History[edit]
The company's origins were in the Beggars Banquet record shops, which first opened in 1973 in Earls Court, London. In 1977, inspired by the DIY aesthetics of the British punk rock movement, which was at the height of its popularity, the shop founders decided to form an independent label and release records as Beggars Banquet Records. This became the group's flagship label and name.[4]
The first band on the label was English punk group The Lurkers; the first ever release on the label was The Lurkers' "Shadow"/ "Love Story" 7-inch single.[4] Later in the decade and into the early 1980s, hits from Tubeway Army and Gary Numan confirmed the label's status in the industry.[4] Beggars Banquet later released music by Bauhaus, Biffy Clyro, Buffalo Tom, The Charlatans, The Cult, The Fall, The Go-Betweens, The National, St. Vincent and Tindersticks
In August 2002, it was announced that Beggars Group had purchased a 50% stake in Matador Records.[5] In July 2007, it was reported that Beggars had purchased Rough Trade Records.[6]
The company owned a stake in Spotify, but sold their shares in 2019. Although the full amount received was never disclosed, half of the earnings were distributed amongst the label's artists, while £8m went to Martin Mills.[7]
Ownership[edit]
The Beggars Group has been in business for over forty years and is owned and managed by Martin Mills. As of 2017, the main labels that form the group are 4AD, Matador Records,[3] Rough Trade Records,[8] XL Recordings,[9] and Young. The company owns 4AD (the label itself a Beggars Banquet imprint) outright, and retains a 50% stake in each of the others. Older labels within the group, including Beggars Banquet itself and Too Pure, are now part of Beggars Arkive, which is the catalogue department for its labels that are no longer active.[10]
XL is a major owner of the Rough Trade Shops chain, where Beggars directors own shares and oversee control.[11]
Independence[edit]
With a worldwide network in place, Beggars Group has three offices in London, two of which also house recording studios, two in the US in New York and Los Angeles, and a dedicated office in every major territory. The company has been active in promoting the collective interests of the sector, being a founding member of the AIM (UK) in 1999, IMPALA (Europe) in 2000, A2IM (USA) in 2005, and most recently the Worldwide Independent Network, which represent the independent music industry in each locality. The Beggars Group are also active members of Merlin, the independents’ rights licensing body.
Martin Mills[edit]
Martin Mills is an advocate for independent labels.[12][13] In 2011, The Guardian named him #22 in their "Music Power 100" list.[14] In 2012, he testified against the Universal Music Group-EMI merger at the Senate Subcommittee on Antitrust Competition Policy and Consumer Rights hearing.[15] He was given the Industry Icon award by Billboard at Midem in 2013,[16] and the Pioneer Award at the 2014 AIM Independent Music Awards.[17] He has been listed on Billboard's "Power 100" several times including at 64th in 2013,[18] 66th in 2014,[19] and 63rd in 2015.[20] Variety named him one of the International Music Leaders of 2018.[21] He is a founding member of Impala, sits on the boards of A2IM, Merlin, and AIM, and in 2018 was appointed Chair of the Worldwide Independent Network.[22] He has an estimated net worth of £230 million.[9]