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Liquid Audio's investors call for sale

Written by Petteri Pyyny @ 10 Sep 2001 1:43

One of the Liquid Audio's main investors, Steel Partners, has sent a letter to Liquid Audio's board of directors demanding to sell the company. According to the letter, Steel Partners doesn't believe that Liquid Audio is able to compete with major label -backed music services like Pressplay and MusicNet.
Liquid Audio reported over 70 percent decrease in revenues and over 80 percent increase in losses for second quarter in last month. Company develops B2B digital music solutions, but haven't been able to secure major label licenses.

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