“Total Music, the joint venture backed by Universal Music Group and Sony Music Entertainment, among others, has shuttered,” Antony Bruno reports for Billboard.
“Multiple sources directly involved in the venture said all concerned agreed to stop funding the effort, citing both business and economic factors for doing so. Sources spoke on background due to NDA agreements,” Bruno reports. “‘Total Music as it is now, is over,’ said one.”
“Among the business factors that led to the decision is the continued dominance of Apple’s iTunes music store, the rise of free ad-supported streaming services and the overall downturn in Internet advertising,” Bruno reports.
Full article here.
MacDailyNews Take: Old man Doug Morris should’ve retired at least 10 years ago.