Def Jam had a massive lay-off yesterday and it is rumored Jay Z was offered 10 million to stay on. There have also been rumors that Jay was planning on leaving to start his own label
(corporation) and it looks like Def Jam might be taking that rumor pretty seriously. The music industry is not “dead” per say but it’s ALL INTERNET and mark my words, you are going to see virtual record labels all over the web next year. Artist have in home studios on their macs, they can upload to these sites, use promotional vehicles like myspace to promote it and sell it on several other sites and of course buyers can just plug up, download and play. Radio and record labels better take note and not sleep on this one like they did on the MP3 craze, don’t know if you know this but the labels actually CREATED the mp3, they didn’t however intend for it to be used the way it was… at any rate, we’ll keep you posted.