London – The People’s Music Store, a U.K.-based firm that
let consumers operate their own digital music stores, has announced plans to
shutter the service at the end of the week, Music Ally reports, citing an email
from the company.
"Unfortunately, [co-founder] Ed and I have made the
difficult decision to take our company in a different direction and so have
decided to take peoplesmusicstore.com offline," co-founder Ged Dey wrote
in the email.
"This is something that has loomed over us for a while now,
and I am happy to say that we really did hold on for as long as we could given
the circumstances, but it has now reached the point where we must consider
The People’s Music Store had secured licenses from
Universal Music Group and various independents for its service, and raised an
undisclosed sum of seed funding in 2009 from entrepreneur Paul Higgins.
who created online stores received 10% of the value of every product they sold
in the form of reward points they could spend on music.
(DMW previous coverage)