Australian streaming service, Guvera Australia, has been placed into administration.
Parent company Guvera Limited, formed in 2008, has licensing agreements with labels including Universal Muisc Group, EMI, Mushroom and Shock records.
Guvera has appointed Deloitte as Administrators of two of its subsidiaries, including Guvera Australia Pty Ltd. Guvera said it intends to continue trading in Australia and will seek to develop short-term outcomes in high-growth markets such as India and Indonesia.
Last week the Australian Securities Exchange rejected Guvera’s submission of an Initial Public Offering (IPO) which intended to raise much-needed funds through the sale of shares.
In today's release Guvera iterated a significant difference between it and its competitors, "Since Guvera’s inception, we have been brand-funded and free, because, we understand that more than 90 per cent of the music streamers in the world do not want to pay for music.
“As we look to focus primarily in key emerging markets, we take with us a highly scalable platform that caters to brands as much as it does for music lovers, artists and rights holders."
