Fox Business - The Power to Prosper
Search Site


Rhapsody Cuts Staff By 15%, President Resigns

Rhapsody said President John Irwin is stepping down amid a 15% cut in the  company's staff, as the music streaming service struggles to compete with rivals like Pandora (NYSE:P).The Seattle-based company also announced Columbus Nova Technology Partners, an investment firm that owns "Rock Band" developer Harmonix, is now a significant shareholder in Rhapsody.Technology news website The Verge first reported the moves on Monday.The layoffs cover staff in the U.S. and will leave Rhapsody with about 200 employees globally.As part of the restructuring, Rhapsody hired former Starbucks strategy executive Ethan Rudin to serve as chief financial officer, replacing Adi Dehejia.During the search for a new CEO, Rhapsody will be run by a committee of current executives, including Rudin. Irwin will remain with the company as a strategic adviser."We are grateful to Jon Irwin for his leadership contributions and also want to thank those employees we've had to let go today for their hard work and commit...

Read More

  1. Jay-Z, Joan Jett Tune Into TuneCore

    TuneCore CEO Jeff Price on allowing music artists to sell music without the help of a label.

  2. Guvera: The iTunes Killer?

    Guvera CEO Claes Loberg on why he feels his free music downloading site can hang with the big boys like iTunes and Rhapsody .

  3. Is the iTunes Model Already Outdated?

    Music Ally Ltd CEO Paul Brindley on the future model for online music retail.

  4. Music Business: On Pitch or Falling Flat?

    We break down whether the music business is poised for a comeback.

  5. Future of Media Licensing

    Richard Conlon, vice president of New Media Licensing at BMI, on the changes in how artists get paid in the music industry.

  6. Changing How Musicians Get Music Online

    TuneCore Founder Jeff Price on how he is changing the way artists get their music on programs like iTunes and Napster .

  1. Apple Considering Customizable Music Service

    RiverFront Investment Group Director Chris Konstantinos and Grooveshark CEO Sam Tarantino on Apple considering a customizable music service and its impact on competitors such as Grooveshark and Pandora.

  2. Spotify Launches in Germany, Now Available in 13 Countries

    Music streaming service Spotify AB Tuesday said its service is now available in Germany, taking the total to 13 countries including the U.K and the U.S.Anglo-Swedish...

  3. Rolling Stones’ Chuck Leavell on Green Energy, Music Business

    Rolling Stones Keyboardist Chuck Leavell on efforts to boost green energy growth in the U.S. and the future of the music business.

  4. Spotify Now Has 250,000 Paying U.S. Users: Sounces

    Spotify, the European music streaming service backed by digital entrepreneur Sean Parker, has more than 250,000 paying users in the United States since it opened up ...

  5. Big Three Post Solid September Sales

    Three posting solid gains for September and Starbucks starting a fund to spur U.S. job growth.

  6. Pandora shares plunge; IPO investors suffer losses

    NEW YORK (Reuters) - Pandora Media Inc <P.N> shares plunged as much as 25 percent on Thursday, sending it below its IPO price and burning investors who had once clam...

  7. A Day After Public Debut, Pandora Shares Dip

    Pandora Media Inc shares plunged as much as 11 percent Thursday as doubts mounted about whether the online radio company would ever turn a profit and attract users a...

Freebase CC-BY
Source: Rhapsody on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL