Tape.tv, the German music video platform has filed for bankruptcy for insolvency last Monday at the Charlottenburg District Court in Berlin. The platform would allow users to watch a linear stream of music videos, or to select the videos they wanted to see according to genre or a personalised playlist. Users could also then publish video mixtapes in social media.
The company started out in 2008 and peaked at 11 million monthly users in 2010/11, although German publication DWDL.de reports that in 2014 there were only 700,000 visitors, and that a year before the company had moved into small office spaces. The company has seen some exceptionally strong competition from streaming providers such as Spotify, Amazon Music Unlimited, Apple Music and YouTube.
Vevo has also been a major competitor and was formed as a joint venture between the two of the “big three” record companies, Universal Music Group (UMG) and Sony Music Entertainment (SME). The New York City-based service has also seen investment from Abu Dhabi Media and Google after it took a 7 percent share in 2013, and the third “big three” company, Warner Music Group (WMG) joined Vevo in August of this year.
The music video business is a particularly difficult one to crack. Last year Dublin-based Muzu.tv, which acted as both a video platform and as a syndication service, also filed for bankruptcy.