The ambitious start-up, Crowdmix, founded in 2014 by Ian Roberts and Gareth Ingham, is set to be placed into administration due to financial issues. The company aimed to build a social network around music and streaming and was forecasted as one of the most exciting companies in the industry.
The company had soft-launched an invite-only version of its app in May. In the App Store, Crowdmix describes itself as a “place where like-minded individuals can find new people” and create “crowds” for sharing content and more through music. The App, which was given an invite-only launch in May, features a feed of posts from both users and influencers, including artists, and streams music through services such as Spotify and Google Play Music. Their downfall was no doubt soft launching their app when it released earlier this year, making it available only to invitees by the company. It may have been for testing purposes but meant that very few people can use it and earn them money, and also lost any hype it had for it’s launch.
Crowdmix reportedly raised £14 Mn in investment last year but failed to receive funding moving forward. The company intends to sell itself as a going concern (a business making a profit without the threat of future bankruptcy) has informed its staff that the company will be going into administration and winding down operations.
Over the past few years, keeping a startup alive in today’s music economy has become tougher and tougher!!