Loud Records closes shop
Music Industry News - as it happens
Source: MusicDish - March 15, 2002
Unconfirmed reports have it that Loud Records will cease to exist as a label and be folded under parent company, Sony Music. Loud Records, celebrating its 10th Anniversary, features such well known acts as Wu-Tang Clan, Megadeth, Mobb Deep and Xzibit. Sources say that the label did not meet sales expectations and was losing money. The majority of the staff were said to be laid off this past week, while any remaining employees as well as all active artists will be absorbed by Sony Music.
The recording industry has been hit hard in the last year, due to causes as diverse as September 11th, a world economic recession, and Internet piracy. In addition, many of the labels' top artists have not met album sales expectations with releases in the last six months.
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