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Are we still in a pre-digital capitalist world?

September 19th, 2011 by Graham Attwell
there was an interesting discussion on twitter this morning. @patparslow said “I suspect we are so early on in the meteoric rise of digital technology, pre-digital would be a better description.” In the discussion that followed he cited the present confusion over copyright law as an example of how far we have to go before society adjust to the disruptions engendered by digital technologies. But i suspect it goes much further. Present financing of companies is ill suited to the needs of the creative and software industries as this quote from Jimmy Mulville, co-founder of Hat Trick Productions, makes clear.
clipped from

“I would never again sell to a purely financial institution. I don’t
believe it works when banks invest in volatile creative companies,” he
said. “There was nothing nefarious about [August’s expectations] but
the leverage involved in these deals is so punitive. It puts a tremendous
pressure on producers – look at Endemol, look at All3Media [both of which
have substantial debt]. It was very distracting to be embroiled in.”

Jimmy Mulville, who co-founded the business and was part of a management team
which sold a stake to August Equity in 2003 before wresting it back again in
2009, said there was an inherent mismatch between creative companies and the
relentless focus on growth demanded by financial investors.

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