NEW YORK (CelebrityAccess) — CÜR Media, the parent company of unlaunched streaming service CÜR Music is on the brink of bankruptcy, despite raising millions. The CÜR collapse follows the recent $18 million failure of social music service Crowdmix before it had launched and the current flameout at music streamer Guvera.
CÜR Media, the parent company of unlaunched streaming service CÜR Music, has laid off all of its staff and is unable to meet its financial obligations. The highest profile exec to exit is former Universal Music Group Distribution President and CEO Jim Lurie, who had been serving as CÜR's interim CEO for just five months.
CÜR had been developing an interactive streaming music service designed to be priced in "the sweet spot between Pandora-style internet radio and Spotify’s on-demand subscription service." But despite raising at least $13.56 million, CÜR Music had not yet launched a public product. Sources put CÜR Media's total fundraising as high as $21 million, including venture capital, notes, loans and other investments.
"we will need to cease operations"
"As previously reported, we have been actively seeking sources of equity or debt financing to support our operations," the company said in an SEC filing on Thursday. "To date, our efforts have not been successful, and we currently do not have sufficient cash to meet our operating needs."
"Going forward, we intend to seek, investigate and, if such investigation warrants, engage in a business transaction that presents an opportunity for our securityholders," the filing continued. "No specific transaction has been definitively identified, and there is no certainty that any such transaction will be identified, or consummated. If a business transaction is not consummated, we will need to cease operations."
CÜR Media stock, which was traded over the counter – fell 53.85% as of mid-day today to 60 cents per share.