Streaming music app seeking funding to stay afloat

Surprise shutdown can be reversed if a buyer or new investor is secured

Fans of the streaming music app were surprised earlier this week when the service announced it would close due to pulled funding.

Founded in 2008, the company had until recently been bankrolled by Russian TV network TNT. However, according to an interview with PC Pro, founder and CEO Oleg Fomenko says organizational changes at TNT suddenly left without funding.

All seemed dire with the sudden shutdown notice, but Fomenko says that more than 20 prospective buyers have emerged to possibly keep afloat. “I think we might emerge in a couple of weeks' time with a different investor and a very interesting growth strategy,” he told PC Pro. claims to have amassed more than 1.15 million UK users in just over a year, with varying subscription plans allowing them to “borrow” a certain (or unlimited) number of tracks at a time from a selection of more than 22 million songs. A web player was slated to launch this month.

We reviewed the mobile service early last year and praised its clean, gorgeous interface, calling “a great way to listen to music you love as well as discover new music.” Hope we haven’t heard the last of this stellar streaming service.

[Source: PC Pro]