Sony Music is about to cut 100 jobs because of it losses of about $86 million USD. And of course filesharing and music piracy is given as reason for the losses and no word on the world economy, high CD prices and the raising sales of DVDs:
Sony Music Entertainment said in a statement "it is redirecting its resources in order to maximize the efficiency of its operations and effectively meet the challenges of an evolving industry, and as a result approximately 100 employees may be leaving the company." |
Sony Music, one of the five major worldwide record labels, has more than 5,000 employees in the United States.
The music industry as a whole has struggled in recent years with weak CD sales in the face of a host of issues all centered on online music, file sharing and Internet piracy.
For the fiscal year 2003 first quarter ended in June, Sony reported an operating loss for its music business of 10.25 billion yen ($86.3 million), versus a year-earlier profit of 4.39 billion yen ($36.9 million).
Source: Yahoo.com
