New Music Business Briefing: Tower Lives, Source Bankrupt, WE7 Launches & More

>>> The Tower Records brand will live on both online and in new superstores in LA, San Francisco and NYC.

>>> Hip Hop Music magazine The Source has filed for bankrupcy protection.

>>> Burnlounge is converting much of it’s indie download catalog to DRM free mp3’s. The service has also added a social networking component. (press release)

>>> WORTHY CLICK: Peter Gabriel is part of the team launching ad supported download site WE7.  This DRM free site may really be on to something.

>>> Distributor RedEye has cut a deal to make its catalog available to film and TV via PumpAudio.

>>> Sirius reported a mixed quarter adding 556,490 subscribers (1/3 less than same quarter last year) with a 61% gain in revenue.  Losses dropped by 2/3rds but were still at $144 million.

>>> Newly relaunched as part of MTV Network’s online expansion, VH1Classic.com is bringing music of the 70’s, 80’s and early 90’s online.