The Nashville music industry is in a bit of shock today as it learned that one of the bigger labels in town, Lyric Street Records, would be shuttering its doors after nearly 13 years in operation. The label will phase out staffers except for radio promotional team members at this point, to focus on the current group of artists singles out on radio.
The only artist specifically mentioned as remaining part of the Disney Music Group team is Rascal Flatts which leaves the industry and fans to wonder just where Bucky Covington and Love and Theft will land if they don't transition to the Hollywood Records side. The rest of the current roster of artist on Lyric Street includes The Parks, Tyler Dickerson, Sarah Buxton and their latest signee Texas music star Kevin Fowler.
If someone were to ask me, I'd bet that the Disney Music Group will only keep Rascal Flatts and maybe Covington and Love and Theft. I'd have to think that the label will jettison the other four artists, but this is just a guess and it's highly possible that all but Rascal Flatts will be turned loose by the end of the year.
It's a sad day for Nashville and country music as one less label means one less avenue for music to come out. In a somewhat related event, Sony Music Nashville's longtime president, Joe Galante, announced his departure from the label, which leads an easy speculation that Lyric Street Records President Randy Goodman might just replace his friend at Sony Nashville. If that were to happen, look for some of these artists and let go Lyric Street staffers to make their way to Sony as well.