Music Tech

Even With 1.1 Million Users, Fails To Find Buyer, Liquidates Assets

image from www.twincitiesrealestateblog.comTwo weeks after it's sole investor pulled the plug, digital music service announced yesterday that it is shutting down and liquidating its assets. The UK based company had hoped to find a new buyer given its 1.15 million user-base, and several had expressed serious interest. In the end, time ran out. In an announcement yesterday, the company said:

image from"After was placed in administration we received incredible amount of support from our users and a lot of commercial interest from prospective buyers. One offer stood out in particular, as it would have allowed Bloom to continue in the spirit we originally intended. We have worked furiously on finalising it, but unfortunately, due to very tight timelines and complexities associated with the administration process, the deal fell through at the last minute."

"This is a poetically crappy turn of events as our young business was showing real promise," the founders shared just over a week ago. "Our apps and web player are looking super-nice and we had 1,158,914 registered users in a little over a year."

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