It’s the Season to be giving, but not handing away Layoff slips. This is usually the case, around Christmas time the music industry let’s employees go. For those who have not heard here is the story:

Geffen and Interscope Records cut approximately 15 staffers today [about 60 total], spanning all departments, a source close to the situation tells Billboard.biz. Among the confirmed to exit at Geffen were two veteran publicists, Jim Merlis and Jycorri Robinson.

The cuts are the latest in a string of major label layoffs, which included Island Def Jam and Sony BMG earlier this month.

Contrary to rumors, a source tells Billboard.biz that Geffen will not be closing.

The music industry is currently in a slump, record sales are low and we have no inkling of records sales picking up. Overall the US economy is not doing well, with millions of homes going into foreclosure, the value of the US dollar declining and millions of layoffs.

2008 is not going to be any different, the economy will continue to fall and the music industry will continue to get smaller.

But it’s not the end of the world…you have to find new ways of making money. The music industry is not the only industry which focuses on music. The automotive industry, the video game industry…etc, have all developed music departments to capture the new “pop” audience.

So start looking…I wish everyone the best luck in 2008.