Failed Australian company Guvera has announced it has exited Australia at the same time figures out of India show a company haemorrhaging cash.
In a statement at its website, Guvera announced:
Born and launched into Australia in 2008, we have had the best time bringing all the latest tunes to the ears of our listeners here. Unfortunately, and with a heavy heart, the time has come to pull back from our operations here.
We have decided that in order to achieve sustainable and long-term goals, we will focus our efforts in key emerging countries where we feel we can return the greatest value to our stakeholders.
As a result, Guvera will no longer stream music in Australia. Bringing music to you and making sure the artists we all love are fairly compensated for their work has been, and always will be, the soul of Guvera. So while we won’t be streaming in Australia any more, we will be continuing this journey in other parts of the world. If your travels take you abroad, you’ll be able re-register to use Guvera in India, Indonesia, Saudi Arabia and United Arab Emirates.
Guvera couldn’t have got to where we are today without all of you, so we thank you sincerely for the time and support you’ve shown us over the past eight years.
However those “long-term goals” may be a pipe-dream for the troubled company. Ad News site Mumbrella reports that Guvera earned just $11,352 out of its Indian operation in April despite having a revenue forecast of $20 million for the market. Mumbrella reports that the $20m figure was upped from $2m for the proposed Guvera float. The figures show that the company lost $82,000 in India alone in April.
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