In a letter sent to [PIAS]’s partners November 29, the day before the deal was announced, the indie firm’s founders, Kenny Gates and Michel Lambot, outlined the background and reasoning behind their decision to strike the deal with UMG. “These days we are competing with tech and financial giants who do not value the cultural importance of the artists and labels we work so hard for, but rather see music merely as an ‘asset class’ to be ruthlessly exploited in exchange for a quick return,” they said in their letter.
