V2 has cut the staff including President Andy Gershon. V2 will retain the White Stripes catalog, but will no longer issue new music from artist’s including Moby and the Raconteurs. The only genre the company plans to participate in the frontline going forward is gospel. The company is looking for ways to grow business digitally.
Again, we have a problem with new music. Labels cannot fund themselves and turn profit with new music. You will continue to see the labels downsize and disappear until people are excited to purchase music again. Rather than focusing on artist development and new platforms, music industry executives continueÂ toÂ preoccupy themselvesÂ over digital distribution. Distribution doesn’t work if you don’t have consumers buying anything.