There has been a dearth of big news about SNOCAP, but there's news today. The company has laid off about half its staff, and it's looking for a buyer. The layoffs were intended to make it look more attractive to potential buyers.
SNOCAP was created by Shawn Fanning, the brainchild behind Napster
Its biggest business deal ever was to help News Corp.'s
SNOCAP was created to sell digital music while adhering to copyright, and it extended the dream of allowing unsigned musicians to connect with fans through Web sites. And with recent announcements of major bands deciding to offer their music directly to fans, the timing seems odd. SNOCAP, how'd you miss out?
Of course, SNOCAP's not alone; CNET's coverage offered a list of digital music upstarts that haven't gotten far, and some of them are even big names, like Yahoo!
Meanwhile, musicians can certainly set up accounts with eBay's
CNET quoted SNOCAP CEO Rusty Rueff as saying, "When you're trying to be a pioneer, you have to remember that pioneers take arrows." That's true -- when massive change yields opportunity, start-ups rush in but not all make it out. The music industry must evolve, and there will be winners and losers; there always are when disruptive change grips an industry.
For related Foolishness, see the following articles: