East Village Radio Is Closing After 11 Years

The Internet radio station is closing due to financial issues.

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It's a sad day for all East Village Radio fans. Today, the Internet radio provider announced they will be closing up shop on May 23 due to financial issues.

According to EV Grieve, who broke the story, “popularity hasn’t been an issue with East Village Radio, who counted more than 1 million listeners worldwide…however, under the Congressional Digital Music Copyright Act of 1998, Internet broadcasters must pay a digital performance royalty for every listener. “Every time we get a new listener, it costs us more money with licensing fees and Internet costs,” East Village Radio CEO Frank Prisinzano said. “After doing some projections, we see that it is going to be very, very difficult for us to continue to break even.”

Prisinzano also said they'll be coming up with other ideas for the future, as well.

"I'm looking to come up with something else now. I have a lot of ideas. This particular model failed. We closed it down. I'll build up a little more capital and come up with a different idea," he said. 

For more on the interview, head over to EVGrieve.

[via EVGrieve]

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