Snocap Cuts 60% Of Staff, Officially Up For Sale
Earlier speculation about Snocap’s future has now been confirmed by Chief Executive, Rusty Rueff who announded a 60% staff reduction in a communication to partners and investors of the digital music concern. In addtition to the pink slips, Snocap will now tender offers for a sale, according to Rueff. “After long and careful strategic thinking about our future, we have determined that the natural best course for the company is to be part of a larger entity.”
The news comes after several high-profile announcements including a deal with MySpace. MySpace MyStores, which allows artists to sell their music directly from their MySpace page, has reportedly had 80,000 registrations, although sales figures have not been announced.