Music subscription service Drip has announced via an open letter that it is closing down next month.
The unique distribution service – which is used by the likes of OSWLA, Dirtybird and Mad Decent – allows fans to subscribe to their favourite labels for a flat fee to receive all their music, as well as often rare and exclusive music.
In an open letter to its fans, the service’s founders said: “We’ve decided to conclude the Drip platform on March 18. Before then we’re committed to doing right by our creators and paying them in full.”
“Between timing, funding, and everything needed to realize this future, we made the decision that now was the time for Drip to come to a conclusion. For now, we’ll be taking this moment to regroup and refocus.”
The news will come as a major blow to many independent labels, as the service had quickly become a valuable asset allowing them to cut out the middle man and sell directly to their fans.
Drip will close down March 18th.