Turntable.fm

Online interactive platform for DJs and listeners
Startup Cemetery
GENERAL INFORMATION
Category:
Music
Country:
United States
Started:
2011
BUSINESS FAILURE
Outcome:
Shut Down
Cause:
Bad Business Model
Closed:
2013
FOUNDERS & EMPLOYEES
Number of Founders:
1
Name of Founders:
Billy Chasen
Number of Employees:
1-10
FUNDING
Number of Funding Rounds:
1
Total Funding Amount:
$7M
Number of Investors:
10

Description

Turntable.fm was an online interactive platform on which DJ, fans and casual listeners were brought together. People could choose avatars for themselves, browse different music rooms and create a playlist.

Ad

Headyway logo white

We help startups launch new digital products through product strategy, design, and development.

Cause of Failure

The company shut down its services two and half years after its promising launch in order to conserve its remaining venture capital to focus on the live version of their startup. The cost of running this music service proved to be too expensive and was not financially viable for them. Turntable.fm decided to play licensed music which proved to have drained their time and capital. Although the platform originally raised $7.5 million, as soon as they started to expand internationally things got out of hand. They also weren't fast enough to adapt to the new mobile era.

Go on Reading

The All-In-One Newsletter for Startup Founders

Every week, I’ll send you Failory’s latest interviews and articles, curated resources for founders, and updates on how I’m growing the site to $10k/mo. Join other +8,000 startup founders!