murdoch-backed music startup bankrupt before launch

By Yinka Adegoke for Reuters

Beyond Oblivion, a digital music startup backed by Rupert Murdoch’s News Corp and investment bank Allen & Co Director Stanley Shuman has filed for bankruptcy protection after spending millions of dollars building a service that never saw the light of day.

Journalists were given a preview of the New York start-up service that aimed to give away a limitless library of digital music with devices that had the Beyond Oblivion software pre-installed.

Such a plan would have had music licensing costs running at tens of millions dollars even before it achieved any scale.

Beyond Oblivion owed creditors between $100 million and $500 million, with estimated assets of less than $10 million, according to a Chapter 11 filing at the U.S. Bankruptcy Court, Southern District of New York.

CLICK HERE FOR THE FULL ARTICLE

 

About the author

Megatrax Megatrax Production Music is the leading independent music source. Megatrax is dedicated to creating, licensing and delivering the finest quality production and custom music and best customer service in the industry. At Megatrax, our philosophy has always been to stay ahead of technology and to create exceptional quality music. Our commitment to excellence is evident in both the music we produce and the carefully selected catalogs that we represent. Our staff is dedicated to serving you in every way possible and our service team is focused on your specific production requirements. We have a list of products and services that are unmatched in the production music industry and are constantly evolving with your changing needs.

Comments are closed