The Corporate Music Industry is Shrinking...

Lots of stories out today about music biz organizations really struggling financially.

I blogged a couple days ago about Sirius XM being over 1 billion dollars in debt and struggling to stay afloat. One of it's (minor) competitors WorldSpace has filed for bankruptcy and has been delisted by Nasdaq. See http://tinyurl.com/68fwea for info on that.

eMusic just laid off more people - 10% of it's staff - to try to strengthen it's financial situation in this economic downturn. See http://tinyurl.com/6zjy4d.

And quarterly losses have widened significantly for SonyBMG, who lost 57 MILLION this last quarter! Earlier this week, EMI posted a 1.2 billion loss for the year. Holy smoke. See http://www.digitalmusicnews.com/stories/102908sony for details on that.

Which all goes to show why it's good to be indepedent. Who needs a record company. Seriously. Do it yourself! You might want to review my recent post on making a living doing just music at http://musicbizacademy.blogspot.com/2008/08/making-living-from-just-your-music.html

David Nevue
The Music Biz Academy
http://www.musicbizacademy.com
http://www.twitter.com/davidnevue