Last.fm staff in London were celebrating their Christmas party at a venue complete with hot tub. Through today’s hangover, they heard about 20 percent are being disposed of as parent CBS Interactive (NYSE: CBS) restructures in a cost-cutting move. CBS, which splashed out $280 million in May 2007 on the social music site, confirmed to us “around 20” of its 95 staff are being laid off.
It has been reported to a source close to Hypebot that Pinnacle (UKs largest indie music player) has now gone into administration. The UK giant has dozens of record labels signed up including One Little Indian, Magaforce and Cooking Vinyl. Plus premium deals with The Fleet Foxes, Belle & Sebastian, Nine Inch Nails and Eva Cassidy
Pinnacle also operates their own online store and its own label from the site. However, I have thought for years that there sites needs to really be update and bought into the 21st century.
Pinnacle is very well know here in the UK and it is a shame to see this happen. Thus, if you are in a band or label associated with Pinnacle and you are looking for digital distribution, RouteNote has to be the place to come. 
There has been a rumour that 10 out of the 89 employees at Buzznet have been laid off. Thus, 15% of the Buzznet staff are leaving. Is this because of the economic downturn?
I found it interesting that all this was done on a Friday, not good timing from an employee point of view.
It has just been finalised that EMI lost a huge $1.2 billion in their financial year ending March 31st. This figure dwarfed the prio year’s $455 million in the red.
Some losses stem from restructuring after Terra Firma’s takeover. But EMI underperformed its competitors using most benchmarks. CD sales at EMI fell 45% from 2005 to 2007 compared to an average market decline of 19%. EMI projected 51% revenue growth in digital saled and delivered 29% growth despite being the first to drop DRM.
“There should be no false expectations,” the report stated. “EMI cannot be turned around overnight.” I dont see how EMI can get out of this current situation, and im sure in the current global economy situation there is no chance anyone will acquire what is left of the EMI assets.
