Music Service No Longer SpiralFrog Ribbiting
SpiralFrog, the music based service that launched a couple of years ago is no longer in service without any signs of warning. The service shut down on Thursday due to lack of revenues, increase in debts, and as DRM is no longer becoming an issue by Amazon.com and iTunes.
SpiralFrog started offering free music downloads in 2006 as long as users agreed to watch ads once every 30 days. Universal Music and EMI worked closely with SpiralFrog before it shut down.
SpiralFrog went out on Thursday afternoon and handed over assets to creditors to help pay off the debt. SpiralFrog borrowed $9 million last year to stay alive. That loan has fizzled and the company didn’t have anything to pay off debt left. SpiralFrog is no longer ribbiting.
[via Ars]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry