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WebNoize and NewMediaMusic close shop
By Jon Newton, p2pnet.net
(more articles from this author)
2001-12-05
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Music Industry News - as it happens
Source: Mi2N - December 4, 2001

NewMediaMusic and WebNoize, two important Internet music industry news providers, are the latest casualties in a freefall that has beset the online news market.

According to an SEC fillings by SITI-Sites.com, which runs NewMediaMusic and lost money continuously since its inception in 1999, the company would be liquidated "promptly reducing operating expenses, which have been running at approximately $100,000 per month in the current fiscal year, and taking other steps to wind-down and liquidate its assets." In addition to publishing NewMediaMusic, SITI-Sites owned and operated the annual New York Music & Internet Expo as well as music sites Hungry Bands and Tropia.

"As we start our 8th year, we are sorry to announce Webnoize/DMN will temporarily stop publishing entertainment industry news and research as we move to restructure," said WebNoize from its site on December 4. "We expect to re-emerge in early 2002 with new and improved events, products and services." While not an actual shut down, the braindrain of such talent as Ric Dube & Mark Lewis puts in serious doubt the company's ability to reclaim its high-flying profile.

Related News from Mi2N:
» NewMediaMusic Publisher Siti-Sites.com To Liquidate


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