Just two months ago, Turntable.fm founder Billy Chasen implemented drastic changes to keep the dream alive, including an unthinkable shift towards outsourced, Soundcloud-powered streams. That saved $20,000 a month (in mostly major label licensing fees), which wasn’t enough. “We’re not trying to kill it,” Chasen blogged in mid-September.
“You are watching us fight for it.”
Now, the hottest, most-hyped idea of 2011 is officially perishing. Turntable lasted less than three years, burned through nearly $7 million in capital, and never recaptured its 15 minutes. The last fumes are being focused on Turntable Live, an online concert experience.
Here’s the moribund decision from Chasen.