Business

Snocap"s layoffs
by Claudia Sonea

Snocap Inc. is the first in line provider of digital licenssing and copyright management services for the digital music marketplace. Through its Digital Registry artists and labels can promote and sell their music using digital retailers or their own unique artist store. Therefore retailers are having a growing inventory and will be able to offer more music to fans all over the world. It is backed by Ron Conway, Morgenthaler Ventures, WaldenVC, and Court Square Ventures. Snocap CEO Rusty Rueff said in a statement this Friday that the work force was cut to nearly half in order to focus on a strategy to sell the company. So, the San Francisco-based company's staff was reduced from 57 to 26, because the new sbest thing for the company is to be integrated in a larger entity. Furthermore the firm already had drawn interests from several other companies. The remaining staff will handle the core products, including its MyStores business that makes possible for the MySpace users to download music using their MySpace web pages. The company was founded in 2002 by Shawn Fanning, who was also the founder of Napster online file-sharing as a college student. However he is no longer active in the firm's activity, although he is still a member of the board of directors. Things haven't changed much, economy still leads people and many fall victims of the enterprise changes- cuts. More than half of the Snocap's staff- people with a family, with children to support- are now unemployed and looking for a new work place. We are keeping our fingers crossed for them and also we are waiting for further news from the company. Good luck!

related story: http://news.yahoo.com/s/ap/20071013/ap_on_hi_te/snocap_layoffs;_ylt=AlEcaA1OrZV7I8hmvtbIVfes0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 3:23 PM