About 60 people lost their jobs at Interscope and Geffen Records on Thursday when both labels merged into one, PerezHilton.com has learned. Many of those laid off had been there for years.
Yet another sign that the music industry is dead.
The biggest reason for the merger and cutbacks, we’re told, is the huge failures of the Will.I.Am, Nicole Scherzinger and Eve albums, the last two which aren’t even out yet.
“It cost $18 million to make and market those three albums - all bombs,” a music industry source tells us. “Jimmy Iovine [the head of Interscope responsible for the layoffs] is the most hated man in music today!”
Did his wife ever divorce him for his relationship with Nicole?
lolz. Josh Homme of Queens of the Stone Age went on a rant against Interscope not too long ago, and we should all know how Trent Reznor (recently freed from his Interscope contract) feels about major labels in general.
Somehow, we can trace this failure all the way back to Fred Durst. I don't know how, but someone will do it.
How many record companies has Geffen eaten so far? DreamWorks, MCA, that country label that didn't have Nashville at the end of its name, etc....