Modular Records reports $6m loss

Modular Records reports $6m loss

1 August, 2008 | 10.15AM

• Written by: Christen Reutens
• Filed under: Music News: cut copy, modular, new young pony club, the presets, van she

Indie dance (often called nu rave) has been hyped more than any other genre recently, but the scene’s most influential label Modular has reported almost $6m AUD in losses for 2007, a shockingly poor performance considering the wealth of talent on the label.

With a roster that includes The Presets, Cut Copy, New Young Pony Club, Wolfmother, Van She and MSTRKRFT, you would have thought that as the scene’s flagship label Modular would be flying high with champagne breakfasts for all its execs.

That’s not the case apparently.

“You’ll see it start to rise now as the records we’ve got out start to sell,” Steve Pavlovic told Australia’s Daily Telegraph, who says the 2007 loss was due to heavy investment which they hope will pay off this year.

Well let’s hope the label from Down Under doesn’t go six feet under as it is responsible for some of the most important records of the last couple of years, including New Young Pony Club’s ‘Ice Cream’, Van She’s self-titled debut EP and Muscles ‘Sweaty’.

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