10t Records Folds Tents, Releases all Artists
An unfortunate server crash was the straw that broke the camel's back
It is with a somewhat heavy heart that we officially announce that 10T Records has made the decision to shut down and close business. We have been leaning this direction for over a year now as the market for CD sales dies its eventual death and digital download sales have given way to a clear market preference for streaming options with almost no reasonable renumeration for artists or labels. Simply put, the business model that 10T Records operated within for many years is no longer tenable and there is no realistic option other than to ride off into the sunset with our heads held high.
The final piece in this inevitable decision occurred several weeks ago when our website suffered an irrevocable server crash that has made recovery a costly venture with no feasible return on that investment. As a result of that crash, we have become crippled with our online accounting as well. While physical sales have virtually ceased to exist and digital sales have dwindled to pennies, we will still continue to distribute royalties accrued. However, effective the end of June 2017, we will be releasing all artists from any 10T Records agreements for digital sales and removing all titles from the existing database with The Orchard. Simultaneous with that, we will be releasing all 10T Records agreements relating to physical product. To that end, we will be happy to send any current stock to artists willing to pay the shipping for its return. If you would prefer, we can facilitate the recycling of product.