German heavy metal music label SPV declared insolvency (similar to bankruptcy) a few days ago, but say they will continue doing business for as long as possible.
Acts signed to SPV include: ALICE COOPER, TYPE O NEGATIVE, SEPULTURA, SAXON, HELLOWEEN, GAMMA RAY, WHITESNAKE, KREATOR, ICED EARTH, DIO and MOTÖRHEAD.
Annihilator recently parted ways with the label before it announced it was having problems.
I am sure stories such as this will be more and more common as the months and years roll on. Physical albums just aren't selling like they used to and record companies refused to adapt to the age of the internet until it was too late.
Record companies need to get off their high horse and start charging 10 bucks or less for CDs, otherwise no one will buy, when the digital copies are so easy to come by.
Lets hope that bands start taking the independent route (Shadows Fall announced they would be doing that after leaving Atlantic and Halford is launching Metal God Records) and then aid the smaller bands by finding truly talented musicians and marketing them online.