Thursday, October 30, 2008

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 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

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 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

David Nevue
The Music Biz Academy

No comments: