Due to a slow economy and a recording industry that seems to be trying to figure out how to sell albums right now, Equity Music Group in Nashville is suspending operations. People don't seem to be spending money on albums right now and something else that seems to be changing the industry is the ability to get the music without having to buy a full album.
I hate to see this happen but hopefully the business will go on and we'll see growth in Nashville and the music industry again. Read more below and the complete story in the Tennessean newspaper.
Little Big Town and the folks from Equity Music Group
Nashville-based independent music label Equity Music Group said Tuesday that it was suspending its operations immediately, blaming a challenging economic climate.
"Our investors tried to a find a way to keep the doors open at Equity, but with a struggling industry, an overall decline in discretionary spending by consumers and a total freeze on the capital markets" the board made this decision, said Tim Wipperman, the label's president.
Equity Music Group began in 2003, co-founded by country artist Clint Black and Mike Kraski, a former Sony/Nashville executive. The label was best known for once representing the country music group Little Big Town.
Read the entire story in the Tennessean newspaper.