HMV retains its bet on discs as it reinvents itself in the online era
Under new ownership, HMV Hong Kong reinvents old 'Nipper' into a platform for music and entertainment to compete in the internet age
While many people now listen to music from the internet on their smartphones, music retailer HMV Hong Kong's owner Kelvin Wu King-shiu said his personal collection of hundreds of CDs and vinyl records will not become museum items.
Wu, 44, is principal partner of AID Partners Capital, a Hong Kong-based buyout firm focusing on the entertainment and media industry.
When HMV went into administration in January last year, he bought the British retailer's operations in Hong Kong and Singapore and the rights to develop the brands on the mainland, in Taiwan and Macau.
"Music and movies will never die," Wu said. "Entertainment has become an important part of our daily lives. People still listen to music and watch movies, although the formats may change with time and technology.
"What HMV needs to do is diversify into many different formats of music and entertainment, both in the stores and online, to meet the demands of different customers," Wu told the South China Morning Post.
Wu is a huge fan of recorded music with a collection of more than 500 CDs, 200 DVDs and a huge collection of vinyl recordings.