Filing for bankruptcy is not meant to be a tool of disappointment, but in today’s economy many businesses are finding it difficult to maintain operations. In a competitive market, such as music storage and downloads, the margin for error is slim. As technology advances, companies are forced to either keep up or pack up.
The Soundtrack Of Tough Times
A cloud-based music locker service, MP3Tunes, has decided to pack up operations and liquidate company assets in a business Chapter 7 filing. MP3Tunes once enabled users to upload songs to its locker service, then stream the songs to broadband devices like DVRs and gaming systems. PCs and Smartphone could also retrieve stored songs via an MP3Tunes app.
With such a huge market base, what lead to the financial demise of MP3Tunes? In short, name brand competition. Now that Apple has released their iCloud storage feature, many music customers are simply using their version over a lesser known MP3Tunes service. The iCloud music storage is also easier to integrate and transfer files for music customers, most of whom purchase their music downloads from iTunes already. Industry moguls are sad to see MP3Tunes go as they are considered “a pioneer of Cloud-based music lockers.”