Word: aol
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Dates: during 2000-2009
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...Chat on AOL with David Van Biema about this story Wednesday at 7 p.m. E.T. At Keyword: TIME
...that has been shedding 100,000 workers a month since the beginning of the year. Last week Winstar Communications, once a wireless wonder, hung up on 2,000 employees--44% of its staff. TiVo, Sycamore Networks and Extreme Networks added more bodies to the tech sector's growing pile. AOL Time Warner, parent of TIME, has announced 2,400 job cuts in response to the slowing economy and pressure from Wall Street. By week's end unemployment had hit 4.3%, a slight but ominous rise. Worse, job creation was down, more evidence that recession is at hand...
...wasted time before stepping into the void. Its first Ping-Pong ball was served in the early hours of Monday morning, when EMI, Bertelsmann and Warner Music--three of the labels long lampooned as dinosaurs that didn't get the Net--were inking a deal with Real Networks and AOL after a year of top-secret negotiations...
...company they created, MusicNet, is set to become an online clearinghouse (read: tollbooth) for any website that wants to license recordings for you to download. Of course, AOL and Real.com are first in line. Real owns 40% of MusicNet; the three labels own 20% each. (AOL, Warner Music and TIME are divisions of AOL Time Warner.) But the deal is so unavoidably big, even Napster is thinking about signing...
...labels' dream is that you will go to a portal like AOL, discover any music you like and move it anywhere you choose, in a process so seamless that you won't mind paying for it monthly. The nightmare scenario: a poor selection of music in confusing and conflicting file formats that will drive you underground to a Napster clone like Aimster. So every portal needs to do a deal with MusicNet and Duet--at the very least. "None of these services can survive without content from all five major labels," says Dannielle Romano, music analyst at Jupiter Media Metrix...