New York - Digital music service eMusic is laying off about 10% of its staff, and continues to seek a replacement for CEO David Pakman, who departed weeks ago to join venture capital firm Venrock, All Things D reported.

The cuts were attributed to the general economic slowdown, as well as to sagging sales from retail bundling partners like Best Buy.

"We are expecting to grow, but we're going grow slower than we'd hoped," Danny Stein, chairman of eMusic and head of eMusic parent company JDS Capital Management, told All Things D.

Stein added that eMusic still expects to report 40% revenue growth for the year, and said the company may consider lowering the prices for its subscriptions.

Related Links:
http://snipurl.com/4uuzk (All Things D)

http://www.emusic.com