The listing of Caribbean Music Publishers (CMP) on the Jamaica Stock Exchange’s Junior Market will perhaps be a major game changer in the regulation and order of the local music industry.

“I think that the creative industries in the Caribbean have been very loose and slack in its operations traditionally and to be listed on the (Junior) Stock Exchange we will be kept honest, regulated and structured” said Ivan Berry, chairman of CMP’s Advisory Board. Caribbean Business Report understands that also on the Board of Directors are MegaMart’s Gassan Azan, legal luminary Christopher Bovell, Kris Astaphan formerly of NCB, Dwyer Astaphan and Derek Wilke

“The idea of listing an entertainment company on the local stock exchange is new but nevertheless important. Most entertainment ventures have been self-financing but you’ve not had people following these type of companies seeking funds on the stock exchange.” said Clyde McKenzie, a major player in the local entertainment industry.

McKenzie also agreed with Berry, stating that listing has the advantages of order and systematic impositions on the business by the JSE, both factors from which the local music industry may benefit from.

Similarly, others share the view that the entertainment industry in Jamaica has been short changed far too long and that this may be the opportune time for its stakeholders to refocus and realise the true potential of the industry’s viability.

“This should have been implemented long ago. People haven’t invested in music for years and the focus has moved from quality to money” said Kurt Riley, a popular radio disc jock.

In seeking to address these issues, CMP has combined the need for quality and financial rewards. The company will focus on the identification of the most talented songwriters across the region with the intent to team them with international counterparts and create songs that have a crossover appeal.

“Certainly within the first year we’ll have anywhere between 30 and 50 songwriters, that’s our proposed goal. We’ve already identified some of the key songwriters in the Caribbean and we’re in communication with them” said Berry.

As a publisher, CMP will also be responsible for promoting songs and administering the collection of global royalties and distributing them to the rightful owners.

” Earnings will predominantly come from outside the Caribbean, therefore the functional currency will be in foreign in nature. The foreign exchange component makes this a very attractive proposition” said Mark Croskey, President and Chief Executive Officer of Stocks and Securities Limited (SSL).

SSL has been appointed lead broker for the proposed admission of the music publisher to the Jamaica Stock Exchange Junior Market.

Croskey said the company stands to benefit tremendously as its model is one based on keeping costs to a minimum including outsourcing services such as accounting and regulatory reports.

“Another big benefit is that it’s going to be a virtual office, so the company is not going to be paying JPS (the nation’s electricity provider) and it is not going to have high security costs. It’s going to operate from servers and agreements.”

CMP expects to be listed on the Jamaica Stock Exchange’s Junior Market on or before October 31 of this year, becoming the first start-up company to do so.