Fanning’s Snocap: close to meltdown?
p2pnet news | DRM:- Shawn Fanning’s Snocap may be on the verge of total meltdown.
Is it finally going under? – p2pnet wondered halfway through October.
“Looks like, unless someone comes along, buys it and tries to revive it in much the same way the original Napster, killed by the corporate music industry, was dug up and returned zombie-like as a ‘legal’ download service,” we said.
Fanning created Napster —- the real one which started the MP3 file sharing wars, not the feeble, emasculated wannabe that’s been struggling desperately for survival since the day Roxio acquired it.
With Napster’s demise, he moved to the Dark Side with Snocap, his DRM application which was to have changed the music world, but which, tons of mainstream media hype notwithstanding, has merely fizzled wetly
Now, “Snocap is now looking for an exit door, and pitching itself to prospective buyers,” says Digital Music News.
The company is “aggressively seeking acquisition prospects, and courting multiple possibilities,” the story has Bruce Taylor, Snocap VP of marketing and and PR confirming.
In October, Snocap slashed its personnel forced by about half.
“There are several companies that we are having active discussions with,” Taylor told Digital Music News, though he, “stopped short of offering specifics”.
A “number of sources pointed to a hard closure at the end of January if a buyer is not found,” says the story.
Hard closure? Presumably, that’s a euphemism for bankruptcy.
But, “We are funded through the sale,” Taylor said.
Also See:
finally going under – Fanning`s Snocap â failing fast, October 8, 2007
Digital Music News – Snocap Aggressively Shopping Itself … Any Takers?, December 11, 2007
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December 13th, 2007 at 7:46 pm
haha. dickheads.