Buzznet is the latest digital music company to downsize, by now a commonplace occurrence.
Sources pointed Digital Music News to reductions late on Friday, and a story in Valleywag offered a similar tale of woe. A Buzznet representative subsequently confirmed the elimination of 10 slots from a total of 89. That represents a sizable percentage chop, though one reliable source pointed to a number closer to 20, particularly within the engineering and content areas.
Universal Music Group is a Buzznet investor, though the parties have not disclosed specific stakes. Just recently, Buzznet purchased popular music blogs Idolator and Stereogum, though the acquisition streak could take a hiatus. The company is heavily exposed to advertising, a cyclical revenue source that has entered a sharpened downturn.