TVT's bankruptcy is not terribly surprising. Its top artists represent two of the genres that are lost in a transitioning market. First you have rappers like Lil' Jon. Rap has lost crossover fans, and they won't return any time soon. Then you have radio-friendly rock bands like Default that have less of a place in today's marketplace than they did at the beginning of the decade. (Coolfer)
Showing posts with label TVT Records. Show all posts
Showing posts with label TVT Records. Show all posts
February 22, 2008
February 20, 2008
Music Label TVT Records Files Chapter 11 Bankruptcy
TVT Records, long ranked as one of the top independent labels in the recording industry, filed for bankruptcy protection Tuesday as part of an overhaul that involved staff cutbacks and the closing of certain international offices, the company said. Until recently, TVT, based in New York, had been able to weather the industry’s sales falloff with hits from artists like the rapper Lil Jon. But the company was hit last year with a $9.1 million court judgment after a federal jury in Miami decided that it had interfered with another company’s plan to release old recordings of the rapper Pitbull, who is now on TVT’s roster. (NY Times, Reuters)
Libellés : business, Finance, Indies, TVT Records, USA
Subscribe to:
Posts (Atom)