Layoffs At Buzznet. Bloody Holidays Ahead.

Music destination Buzznet has let go of at least 10 of its 89 staffers according to Valleywag. Some rumors suggest a higher number.  Buzznet properties which include Idolator, Stereogum and Absolute Punk are monetized almost entirely by advertising which is taking a hit in the tightening marketplace.

Year end layoff are a fact of life in the music industry, but expect Christmas 2008 to go down as the bloodiest ever with the unique hurdles faced by all ventures in the music space (tough licensing, limited monetization options and fickle consumers) colliding with a rocky global economy.