| There's some interesting stories floating around the industry regarding the sudden closure of Penalty Records. In case you're not familiar this was home to Noreaga, Half A Mil, Crooked Lettaz and Detroit Diamond. Well the popular story is that due to disappointing album sales, in particular Noreaga's second solo joint, the label lost money and Tommy Boy records stepped in to buy out them out. This all went down a couple of weeks ago. What is starting to surface is a seedier tale in which an angry Norega ran up in the offices and demanded to be paid past royalties. He alledgedly pulled a gun on the label Pres. It was this drama along with the slow sales that led to Penalties premature closure. This hasn't all been officially confirmed, but some pretty reliable sources close to the label are maintaining this is what went down. While this was going on, everyone's favorite playa Ice T is making label moves of his own. He just established a new Internet based label called Coroner Records. here Ice will be following the lead of Chuck D. However, he intends to not limit himself to Hip Hop. Ice T will use his Internet label to distribute music and videos of all genres. The big question on everyone's mind is whether or not one can make money from an Internet based label? Talk to the Heiroglyphics out of Oakland. Last year these benterprising brothers netted over half a million dollars. With a little bit of hard work and some creativity, Ice T can certainly follow suit and then some. |