AMSTERDAM, NL (CelebrityAccess MediaWire) — Online concert website Fabchannel.com announced that it was ceasing operations on March 6th, citing difficult economic conditions and poor prospects within the music and online advertising market.
The Dutch company, founded by Justin Kniest in 2000 in collaboration with Internet service provider XS4ALL and broadcast facility company N.O.B., streamed free, live, and on-demand video from the Paradiso, Melkweg venues in Amsterdam, the Netherlands and The Roxy Theatre in Los Angeles.
Since their inception, Fabchannel had amassed a collection of more than 900 live concerts, festivals, performances, debates and lectures.
Fabchannel appeared to be on the move when the company got a boost of capital on 2007 by pacting with the city of Amsterdam and Foreman Capital to give each investor a 25% stake in the company and launched their own 'Best of Fab' channel on Internet television distributor Joost.com.
Despite a 2008 deal with Universal, the website struggled to reach agreements with major labels to get consent to record their artists. This, combined with the increasingly competitive Internet advertising climate led to Fabchannel's decision to pull the plug on Friday, March 13th. According to a statement released by the company, they will seek to make "suitable arrangements with employees, customers and suppliers." – CelebrityAccess Staff Writers