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.
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The world is different today compared to the past (compared to even just a year ago). The constant march of technology makes it possible for a smaller work force to do virtually the same job as a larger workforce. As white collar employees are handed pink slips, an employer like Buzznet, a bank or a brokerage may be prudent to generously retain their e-mail records. The records are a valuable asset to the employer, relating to intellectual property, project management, customer relationships and more. –Ben http://legal-beagle.typepad.com/wrights_legal_beagle/2008/10/retain-e-mail-of-former-employees.html