Rocket Network (Burlingame, Calif.) announced that after five years of developing and integrating its collaboration and delivery system, it has been forced to shut down operations.
According to the company, while it reached a market of 65,000 users, very few of them were willing to pay for the Rocket service, and those who did were not using it often enough to cover Rocket's costs of operation.
Rocket Network president and CEO Pam Miller said, "We believe it will be a couple of years yet until the market begins to embrace digital delivery and collaboration. Given the current economic climate, we have been unable to secure additional financing to hold us until the market catches up. We still deeply believe in the dream of music and post-production communities working on a project simultaneously from anywhere in the world."
Rocket Network plans to shut down its servers on March 31, 2003, and users with remaining time on a pre-paid account as of that date will be credited the unused balance.
For more, visit Rocket at www.rocketnetwork.com.