Bloom.fm has announced it can no longer operate after abruptly losing its sole investor.
"We’ll keep this short because we’re pretty shell-shocked. It’s game over for Bloom.fm. Our investor, who’s been along for the ride since day one, has unexpectedly pulled our funding," announced Bloom.fm on its blog. "It’s come so out of the blue that we don’t have time to find new investment. So, with enormous regret, we have to shut up shop. This is a poetically crappy turn of events as our young business was showing real promise."
Bloom.fm was a music service for iOS and Android devices and the web. It offered more than 200 radio stations and music discovery features, along with a library of 22 million tracks. All you had to do was create an account from within the app. And, starting at £1 a month, you could "borrow" a certain number of tracks at a time. Upon growing bored of those tracks, you could swap them in for new ones. All borrowed tracks saved to your phone for offline playback, too.
Launched in January 2013, Boom.fm has already reached 1,158,914 registered users in the UK. It is unclear how much longer those Brits will have access to borrowed tracks on Bloom.fm, as well as the service's apps and web player, but we've contacted Bloom.fm for more details. We will update when that information becomes available.
"A massive thanks to everyone that helped us get this far," Bloom.fm added. "We’re absolutely gutted. But it’s been a real pleasure."