Music-sharing service Grooveshark has announced that it has shut down after 10 years. The controversial free streaming site, which once boasted 35 million users is owned by Escape Media which has agreed to a legal settlement with the major record companies that includes the termination of all operations, wiping its computer servers of all the record companies’ music, and surrendering ownership of its website, mobile apps and intellectual property, according to a statement from trade organization Recording Industry Association of America (RIAA). “We started out nearly 10 years ago with the goal of helping fans share and discover music. But despite best of intentions, we made very serious mistakes,” a statement from Grooveshark said. “We failed to secure licenses from rights holders for the vast amount of music on the service. That was wrong. We apologize.”
Urging users to now sign up for legal, licensed music services such as Spotify or Beats Music, founders Josh Greenberg and Sam Tarantino also pointed users to http://whymusicmatters.com/find-music and said "If you love music and respect the artists, songwriters and everyone else who makes great music possible, use a licensed service that compensates artists and other rights holders". A rumoured $75 million penalty clause in the settlement may explain their contrition.
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