Said Bob Frank, President of KOCH Records:
KOCH Records, as the #1 Independent label in the U.S. for the last 7 years, was disappointed to see MySpaces smoke and mirrors announcement regarding its new music service. Essentially it has announced a deal with the majors and has in effect become MajorSpace.
It is unconscionable that it would give equity positions to the majors and treat the independent community as second class citizens after having built its service on our backs, as its CEO has acknowledged. It makes no sense at all the that the Majors will benefit from the utilization of our content without our participation as well. To be clear, our issue is not with the Majors having equity but with MySpace believing that we would accept this without similar terms. MySpace continually states that it is embracing the independents. It's a pretty listless and cold embrace.