GUVERA has today ended its music streaming service in Australia, announcing in an email to its subscribers that, after eight years, it is time to say goodbye.
The Gold Coast-based business was recently snubbed by the ASX following criticism from some high profile Australian tech entrepreneurs over its business model and proposed IPO.
It announced to its shareholders early this week that it would leave Australia and focus on emerging markets such as India and Indonesia.
The company, which has operations in Australia and the US, posted an $81 million loss in FY15. Its recent prospectus revealed a first-half loss of $55.7 million in FY16.
Here is the letter in full:
Sadly, this is goodbye
Born and launched into Australia in 2008, we have had the best time bringing all the latest tunes to the ears of our listeners here. Unfortunately, and with a heavy heart, the time has come to pull back from our operations in the country.
After several changes in our product and an evaluation of our business, we have decided that in order to achieve sustainable and long-term goals, we will focus our efforts in key emerging countries where we feel we can return the greatest value to our stakeholders.
As a result, Guvera will no longer stream music in Australia from today. Bringing free music to you guys and making sure the artists we all love are fairly compensated for their work has been, and always will be, the soul of Guvera. So while we won't be streaming in Australia any more, we will be continuing this journey in other parts of the world. If your travels take you abroad, you'll be able re-register to use Guvera in India, Indonesia, Saudi Arabia and United Arab Emirates.
We want to answer any and all of the questions you may have about this change of direction, so if you have a question, please visit www.guvera.com.
Guvera couldn't have got to where we are today without all of you, so we thank you sincerely for the love and support that you've shown us over the past eight years.
The Guvera team
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support