Webmedia’s Internet design subsidiary for the music industry has closed down, following the parent company’s decision that the business was not profitable.
The Music Network had nine staff, including managing director Tony Martin, who plans to relaunch as Music Network Strategies.
“The relationship has been soured by a catalogue of broken promises and mismatched expectations,” says Martin.
Webmedia managing director Peter Beech says of the decision: “We are in the process of reviewing our total business and we don’t think pure Web design for the music industry is profitable.”
Maurice Saatchi’s new media company, Megalomedia, started buying stakes in Webmedia last year (DW 6 September 1996).