GUVERA SWITCHES OFF IN AUSTRALIA

Written on the 29 July 2016

GUVERA SWITCHES OFF IN AUSTRALIA

GUVERA has today ended its music streaming service in Australia, announcing in an email to its subscribers that, after eight years, it is time to say goodbye.

The Gold Coast-based business was recently snubbed by the ASX following criticism from some high profile Australian tech entrepreneurs over its business model and proposed IPO.

It announced to its shareholders early this week that it would leave Australia and focus on emerging markets such as India and Indonesia.

The company, which has operations in Australia and the US, posted an $81 million loss in FY15. Its recent prospectus revealed a first-half loss of $55.7 million in FY16.

Here is the letter in full:

Sadly, this is goodbye

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 in the country.

After several changes in our product and an evaluation of our business, 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 from today. Bringing free music to you guys 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.

We want to answer any and all of the questions you may have about this change of direction, so if you have a question, please visit www.guvera.com.

Guvera couldn't have got to where we are today without all of you, so we thank you sincerely for the love and support that you've shown us over the past eight years.

The Guvera team

 


Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter