Manchester-based music platform Beatroot Music has ceased trading three years after launching in beta. All five employees at Beatroot have been made redundant.
The company specialised in metadata and helped labels and publishers manage their digital catalogue. Clients were able combine their music catalogue, audio files, album artwork, metadata and rights data into one place and share these with clients, streaming services and music stores.
Steven Wiseglass (pictured), of insolvency practice Inquesta, has been appointed liquidator of Beatroot Music.
The company received early-stage venture capital investment to develop its platform, but was unable to win enough customers to make the business sustainable.
Wiseglass said: “Beatroot did attract customers which generated revenue, but sadly this was not sufficient to enable the business to continue on a viable basis. An attempt was made earlier this year to sell the business and assets but, although interest was shown, a sale could not be secured.
“The board of directors of the company have considered its financial position and have now concluded it is insolvent. It has been wound up and placed into creditors’ voluntary liquidation.”
Wiseglass is now seeking a buyer for Beatroot’s assets, include its intellectual property comprising bespoke software, domain names and its website.
He said: "Beatroot’s technology holds great appeal in this digital age and discussions with several interested parties regarding a potential acquisition of the company’s assets are ongoing.”