Here's paragraphs 6 & 7 of that story:
|N. Mark Lam, the CEO of Live365 Inc., a privately held company that aggregates audio streams from thousands of radio stations and other small webcasters, said that under the new royalty rules, "there is no industry." |
Lam, who joined the venture capital-backed company about two years ago, said Live365 just barely broke even last year and had about 4.5 million unique listeners every month.
"...Live365 just barely broke even last year..."
So, after losing money since 1999, Live365 broke even. I've been here 5 years, hoping that one day this idea & business model would work. We (Live365 Management, Staff, Webcasters) wanted to prove that there was another way to broadcast: real people streaming What They Loved. And, as a business, to create a sustainable business model.
The Bums heading the major labels & Sound Exchange will NOT get me to say "You won.". They haven't won. Even if the Congress does nothing & the Courts do nothing, Even if this service shuts it's doors. They have given Artists the shaft & lied about it so often until they have become the Most Disliked Group in the United States, a symbol of abuse of power so rancid that people who don't know an mp3 from a GED know that they are scum.
If you are an Broadcaster who owes thousands of dollars or more in additional royalties, feel free to connect your fist with my chin. You are at risk of your and your Family's financial security being stolen by thieving greedheads. That's a helluva result for people who started stations because you love Music. It's Wrong. And I promise you again that I am doing & will continue to do all I can for you in this battle.
Considering the events of March 2nd & since, you can consider this unimportant, ironic, unnecessary, or a diversion. But, no matter what happens from now on, this is a victory. For Everyone here. For the Dream of providing all a voice. For The Radio Revolution.
They will always be Losers. We will always be Winners.