The music streaming business is an incredibly difficult business to be in, and most competitors sadly can’t survive. Even streaming companies with millions of paying subscribers struggle to break even. Spotify and Tidal, as well as some of the most successful names in the business are facing financial woes. While Pandora and SoundCloud may both not be around for much longer – or at least in the form we know them as now.
Let’s take a moment to remember the fallen music streaming services.
Samsung may be one of the biggest companies in the world in many different sectors, it isn’t a serious contender in the music industry. Their attempt to break the music streaming industry never took off, with the oddly-named Milk Music. Samsung ran the service for 2 years before the milk finally turned sour and they admitted defeat. When Milk first launched, it was highly acclaimed, and the tech giant spent plenty of money promoting the brand, but, still all the investments still didn’t help Milk Music survive.
It has now been over two years since streaming pioneer Rdio filed for bankruptcy – before what was left of the music streaming company was snapped up by Pandora. The independent company had been making one last ditch effort to stay in the business and to acquire enough users to keep the lights on. While the service, which was available in more countries than Pandora themselves, the global reach just wasn’t enough to keep them afloat.
Out of all the streaming services on this list, Guvera has closed its doors most recently. The company from Australia was in trouble for a long time before things officially ended, as it intent was to go public on the stock market down under, but it was blocked from doing this, which immediately made potential investors very nervous Those in charge quickly stopped serving Australian users and focused on emerging markets like Indonesia and India, where competition isn’t quite as fierce. But, even that didn’t work, and now the Australian government has begun looking into how Guvera had burned through so much money without being able to survive.