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Turntable.fm to close in December

Rhian Jones
Turntable fm

Music service Turntable.fm is to shut down on December 2.

Announcing the decision on Friday, the company explained that shutting down the streaming service will allow it to focus on its new live platform Turntable Live.

Since launching two years ago, the start up has received a $7.5 million investment and by March 2012 had licensing deals with all four majors.

However, amongst a wealth of competitors such as Spotify and Pandora, the company has said that the service has become too expensive to run.

“As much as we all love turntable.fm, we have decided to shut it down to fully concentrate on the Live experience,” said the company in a blog post.

“It was a tough decision to make because we love this community so much, but the cost of running a music service has been too expensive and we can’t outpace it with our efforts to monetize it and cut costs. If we also want to give Turntable Live a real shot, we need to fully focus on it.”

Turntable Live was built as a response to “dwindling record sales and small digital pay-outs”  and offers an interactive way to hold concerts online.

Since launching in September, it has hosted 11 concerts from its office.

Via: Billboard

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Tags: Turntable.fm, Turntable Live

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