The team behind the digital music startup Bop.fm has been acquired by LifeLock, and is going to shut down its services by the end of this month. Bop.fm informed its users about the acquisition with an email Thursday, and the co-founders Shehzad Daredia and Stefan Gomez expanded in a blog post:
“While proud of what our small team has accomplished in a short period of time, we realized that we still had a long way to go to unify the ever-evolving digital music landscape. Building out a central destination for consumers can be very expensive and require hundreds of millions of dollars in funding, in an industry fraught with monetization concerns. As we considered the future direction of the company, we debated the tradeoffs between doubling down on a risky endeavor versus aligning ourselves with more promising opportunities that had presented themselves.”
Bop.fm was offering its users the ability to build playlists and share songs across different music services, allowing Spotify users to easily share favorites with users on Deezer and other services.
The company had some traction with labels and artists, who liked the ability to publish playlists on Facebook and other services that would work for all of their fans, regardless of the service they were subscribed to. Bop.fm reached nine million monthly active users. according to its founders.
It’s doubtful that we’ll see any of Bop.fm’s technology being used by LifeLock. The company is specializing in identify theft protection, and doesn’t have any ties to the music business. Daredia declined to comment on acquisition details when contacted by Variety; from the looks of it, the transaction seems like a typical “acquihire,” in which a team is being acquired without the actual product.