Live365 Rumored to Shut Down February
Live365, one of the largest internet radio broadcasting and licensing companies in the United States has had a rough new year with the announcement by the Copyright Royalty Board, the governing entity for establishing the sound recording royalty rates that are paid to copyright holders, that rates would be rising in the new year. These rate rises brought up fees for small broadcasters, companies such as Live365 and Radionomy, and also streaming music services like Spotify.
The latest rumor (sourced from multiple online communities) appears to be that Live365 has internally set a date to shut down on the 2nd of February at midnight if it does not find suitable funding and stakeholders for the business. Live365 was forced to significantly reduce staff and is presently looking for partners to help continue the service into 2016.
There has been no indication from Live365 that this date is set or that the rumor is true, but only time will tell. The company has had no press statements apart from an email sent out in the new year addressing existing customers of the potential closure.
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