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Music makers sing of their loss; Poor sales, consolidation accelerate purge; some happy to leave system, others struggle.(News)(Vivendi Universal laid off 75 employees)
Crain's New York Business, November, 2003
Byline: valerie block Tom Sarig felt queasy back in January when his boss was fired because of falling album sales. With the industry collapsing around him and pink slips coming faster than hit records, the vice president of A&R for MCA Records couldn't help but suspect that he might be next.
Six months later, parent company Vivendi Universal folded his label and laid off 75 employees. "I saw it coming,'' he says. "The industry keeps getting smaller and smaller, and worse and worse.'' He's one of thousands of New Yorkers who have lost their jobs thanks to the miserable state of the music industry. With revenues and profits plunging over the past three years because of illegal file sharing-and a shortage of great music-record companies are purging their...
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