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Purveyor of ring tones and streaming music files for Chapter 7

After several years of successfully pedaling streaming music services and ring tone applications, noted online radio company Myxer has filed for bankruptcy. The Chapter 7 filing, announced on Aug. 7, will see the company, known to South Carolina's web-savvy population as another in a long list of companies offering streaming services, close its doors permanently. The case is being handled by a federal bankruptcy court local to the company's head offices.

Things were not always so difficult for Myxer. As early as 2012, the company was enjoying an annual profit of over $4 million, but sometime in the intervening years, things began to unravel. 2013 saw the company drop to only $1.4 million in profits, with a current estimation for the 2014 fiscal year sitting at just over $300,000. Founded in 2005 and sold a few year ago, this represents a definite downturn for the once-prosperous company.

Company ownership has not commented on any potential factors that may have led to this downturn, but they did commit to paying their remaining employees in full ahead of the filing. They also pared down the number of employees from their initial 50 people in an effort to curb financial challenges. The Chapter 7 filing is being overseen in bankruptcy court as of this writing.

It is not easy to make it in the cutthroat world of online sales, particularly as they pertain to the notoriously unstable music and ring tone industries. Myxer is to be saluted for their years of success, as South Carolina entrepreneurs no doubt agree. Thankfully, a Chapter 7 filing will allow them to mitigate the company's existing debt in preparation for owners to move forward to a stronger financial footing in the years to come.

Source: bizjournals.com, "Online radio company Myxer files for bankruptcy", Celia Ampel, Aug. 14, 2014

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