Snocap Lays Off 60 Percent of Workforce
Snocap, best-known as being Shawn Fanning's follow-up to Napster, has laid off nearly 60% of its workforce.
Snocap offers to handle copyright and music licensing for musicians and also powers embeddable download stores that artists can place on any site. From these digital-music vending machines, the artists can sell their own music. According to Rueff, there are signs that the idea is starting to take hold.
"Just not as fast as we expected," Rueff said. "You have to understand that it took a lot of work and a lot of capital to bring this capability to market. But it's that time when we are asking ourselves what's next. And we think it's probably best for us to be part of larger entity."
In other words, the business is for sale. Indications are that there are several companies interested, and we have to wish Snocap the best of luck.
