8tracks Streaming Platform Is Shutting Down
The internet radio and streaming platform 8tracks is shutting down. According to founder David Porter, the site's last day online is December 31. In a blog post about the decision, Porter explained that the company could no longer afford to cover royalty payments through its free, ad-supported service or a subscription model.
8tracks Shutting Down After Buyout Falls Through
Steady losses in listenership over the years also meant the service was unable to sell advertising at CPMs needed to cover compulsory royalty rates. Fields also said a steady decline in its free service meant there was a smaller pool of active listeners to potentially convert to its premium tier.