Debt-ridden Muzak faces the (elevator) music
Cue up "Crying Time" for Muzak, the famous (infamous?) elevator music maestro that just filed for Chapter 11 bankruptcy protection. Blame the economy, satellite radio (itself struggling for survival) and our old friend, the iPod.
The AP (via the New York Times) reports that Muzak will—for now, at least—keep on cranking out covers of "Yesterday" for dentist waiting rooms, clothing stores, and yes, elevators, while it tries to deal with debts ranging anywhere from $100 million to $500 million.
So what happened? Well, as L.A. Times points out, many Muzak customers have been dropping their subscriptions in the face of a disastrous economy. Afterall, why cough up hundreds (or thousands) for Muzak when you could just get satellite radio (yep, thesame Sirius XM that may also go bankrupt) or plug your iPod into a stereo and put it on shuffle?
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