Integrity Media Sells Integrity Music To David C Cook
June 13, 2011 at 7:30 AM (PT)
INTEGRITY MEDIA announced changes to its corporate structure TODAY (6/13). The changes include the sale of music assets of its flagship label INTEGRITY MUSIC to DAVID COOK, a non-profit ministry located in COLORADO SPRINGS, CO. The sale includes songs, products and contracts of the INTEGRITY MUSIC division.
INTEGRITY MUSIC is the label home of PAUL BALOCHE, LINCOLN BREWSTER, VICKY BEECHING, JOHN MARK McMILLAN, ISRAEL HOUGHTON and BROOKLYN TABERNACLE CHOIR among others.
According to CEO MICHAEL COLEMAN, the decision to divest INTEGRITY MEDIA of its music division was difficult but necessary given the current climate of the music industry. “At the end of 2010, music business sales were less than half of what they had been 10 years ago,” said COLEMAN. “Music sales and licensing in the U.S. alone dropped from $14.6 billion to $6.3 billion between 1999 and 2009 and the decline has continued into 2011. And on top of the general economic downturn, music companies are facing challenges like digital piracy and a shift in consumer thinking from ‘ownership’ to ‘access’.”
“The company has been making changes to try to adapt to these monumental shifts in the marketplace but it has been quite a challenge. An earlier staff reduction and the listing of our property in WEST MOBILE were part of the most recent changes (NET NEWS 5/18). This combined with the sale of our music assets will help us address a number of issues as we navigate this changing landscape."
COLEMAN says he observed a commonality between the missions of both INTEGRITY MEDIA and DAVID C COOK and felt that DAVID C COOK would continue the ministry he helped build by focusing on music for the global church. Following a 90-day transition, INTEGRITY MUSIC will begin operating from COLORADO SPRINGS as a part of DAVID C COOK.
Co-founded over 24 years ago by MOBILE, AL native COLEMAN, INTEGRITY MEDIA’s products are sold throughout the UNITED STATES and in over 160 other countries through retail outlets, direct mail and digital distribution. Its corporate offices are located in MOBILE with subsidiary offices in TENNESSEE and three foreign offices located in SINGAPORE, SOUTH AFRICA and the UNITED KINGDOM.
In addition to the sale of its music assets, COLEMAN said INTEGRITY MEDIA plans to sell its international companies in the UK, SINGAPORE and SOUTH AFRICA but will continue to operate its remaining divisions from MOBILE for the foreseeable future. This includes operations for INTEGRITY WORSHIP INSTITUTE, a training and education division, and INTEGRITY DIRECT, which distributes a variety of products including CDs, videos, worship resources and INTEGRITY NOTES, a popular greeting card line produced in collaboration with DAYSPRING CARDS, to consumers and churches.