Indy Powerhouse Sanctuary Lays Off 175 in North America
According to the Hollywood Reporter, "Sanctuary Group, the world’s largest independent music label, said Monday it will cut 175 jobs, 25% of its workforce worldwide. Home to such artists as Axl Rose, Elton John and Beyonce, Sanctuary said the cuts were part of a fundamental review of its business but did not envisage further job losses. Sources say most of the reductions will be in North America."
While Sanctuary does a lot of things right including attacking the under-served adult market, they have lagged behind with the kind of innovation in the digital world possible and even necessary for an Indy label. And new artist development seems hardly on their radar. Can any music company expect to survive when they aren’t embracing the digital future and developing tomorrow’s stars?