Hiphopdx.com reports: " Year end cuts continue in the music industry. Days after the first wave of cuts were made at Def Jam Records and Sony BMG, layoffs are also still looming at Geffen. Though only one employee has confirmed their exit from the Interscope/Geffen/A&M unit, there are thought to be as many as 60 layoffs already and more on the way. There is also some speculation that the label could be on its way to being defunct as part of a larger restructuring of its parent company. The move is intended to allow Interscope/Geffen/A&M to maintain the artist equity and name of the label while cutting much of the cost associated with operating it. The reason for these cutbacks? Industry insiders are claiming nearly $20 Million have been spent on Will.I.Am, Nicole Sheringzer and Eve's albums. While Will.I.Am has already proven to be a commercial flop, Eve and Nicole's albums, which have yet to be released, have also been a cause of concern. " *So I guess its safe to say that the record industry is seriously in danger of losing it. People just aren't buying records anymore and labels arent eating off record sales anymore. Somebody's going to have to find a solution quick or nobody is going to have a job at the major labels. Dont get it confused Im not advocating major labels and how they eat off artists, but if they aren't getting enough off record sales, what will they try to recoup off artists next? Lets see, will it be merchandise or other entities? hmmmm.....
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