KARMADOWNLOAD CLOSES DOWN
KarmaDownload is no more, or so it seems. Yep, the independent download
platform has seemingly closed its doors after failing to secure new
investment. The Karma site has been down since Tuesday, with its homepage
carrying this message: "It is regretted that trading has been temporarily
suspended until Karma Group reviews its financial standing after an aborted
capital raising exercise".
Reports suggest that the service will not now reappear, with owners Karma
Music Group apparently telling their partners that the abrupt closure was
due to "the current volume of sales, competition in the marketplace and the
fact that the proposed investors wished for a quick return on their
investment".
According to Music Week, Karma had been in talks with rival independent
download platform TuneTribe regarding some kind of collaboration. While no
agreement was reached, Karma are expected to direct their customers to
TubeTribe where they will find similar services.
Music Week quote TuneTribe COO Ronnie Traynor as saying: "Obviously we are
over the moon to be taking on their customers. We can offer them the same
catalogue but more extensive, with three of the four majors on board. I
think one of their flaws was their inflexibility with regards to pricing and
selling one at a certain bit rate and a certain type of file. At TuneTribe
we are far more flexible."
KarmaDownload is no more, or so it seems. Yep, the independent download
platform has seemingly closed its doors after failing to secure new
investment. The Karma site has been down since Tuesday, with its homepage
carrying this message: "It is regretted that trading has been temporarily
suspended until Karma Group reviews its financial standing after an aborted
capital raising exercise".
Reports suggest that the service will not now reappear, with owners Karma
Music Group apparently telling their partners that the abrupt closure was
due to "the current volume of sales, competition in the marketplace and the
fact that the proposed investors wished for a quick return on their
investment".
According to Music Week, Karma had been in talks with rival independent
download platform TuneTribe regarding some kind of collaboration. While no
agreement was reached, Karma are expected to direct their customers to
TubeTribe where they will find similar services.
Music Week quote TuneTribe COO Ronnie Traynor as saying: "Obviously we are
over the moon to be taking on their customers. We can offer them the same
catalogue but more extensive, with three of the four majors on board. I
think one of their flaws was their inflexibility with regards to pricing and
selling one at a certain bit rate and a certain type of file. At TuneTribe
we are far more flexible."
