lays off most employees and vacates office
Wednesday December 30, 2015
Thousands of webcasters are bearing an uncertain holiday season, their businesses threatened by the imminent expiration of legislation which provided below-market royalty rates. Internet radio hosting platform Live365, one of the most venerable brands in this industry, is affected by shifting regulations that change the cost of music on January. In addition, the company’s investors have pulled support from the company, forcing an immediate financial crisis. RAIN News has learned that as a result, nearly the entire staff was laid off this week. The company vacated its office space, and the few remaining personnel are working from their homes.
The company is publicly appealing for investment funding.
Live365 was founded in 1999, and hosted small online radio stations free of charge. Payment plans were soon installed, and the ad-supported model added a commercial-free “VIP” membership in 2003 which persists today. RAIN News recently covered Live365’s launch of Podcast2Radio in partnership with the Blubrry podcast network, designed to expand audience development for podcasters by inserting their programs in streaming platforms.
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