Music silence! – Ecomotive

In the startup environment, it is a habit to talk about successes to keep our hopes alive for the future, but it is a big mistake to forget the failures of the past and not benefit from the experiences of the past. For this purpose, the Ecomotive team has collected the experiences of a series of failed startups, so that reviewing their failed stories may be a basis for the success of new startups in Iran’s startup community. This collection will be published and made available to the audience in the form of the story of failure. We review the third part of this series, which deals with the story of Guvera’s startup failure.

Govra was registered as an online music and entertainment service in 2008. The capital of this company was originally from private investment But Sourced outside of Australia. Govra received about $50 million from smaller, high-profile investors, mostly accounting firms and other financial services businesses. Its beta version was launched in Australia in February 2010, and in the US in March of the same year. In fact, Govra was initially released as a beta version and by invitation only for a select group of users.

August 2011, Govra, Phil Quartararo appointed as its global music director and moved to a new office in Australia’s Gold Coast in September of the same year. March 2012 was associated with the creation of the company’s mobile platform, and December 2012 with the release of mobile applications for iOS and Android in Australia. Then the iPad application was released in August 2013. In March 2014, Govra signed an agreement with Lenovo to become its global music partner; That is, Guvuru music streaming service is already installed on Lenovo mobile devices.

Govra acquired Blinkbox Music in a deal from Tesco in 2015. In 2015, he received the golden award Asia application design competition He took it from himself.

In October 2015 former employees of Blinkbox Music filed a £10 million lawsuit against Guevara.

In May 2016, the company won international gold at the World App Design Awards. In June 2016 Govra was delisted from the stock market.

Govra started operations in five markets: Australia, India, Indonesia, Saudi Arabia, and the United Arab Emirates. In July 2016, Darren Herft Removed from the position of CEO of this company Claes Loberg He was replaced by one of the founders of the company.

On July 27, 2016, the company ceased all operations in its core market of Australia, emphasizing that it intends to focus all its efforts on key emerging countries such as India and Indonesia. On June 27, 2017, it was announced that a federal court investigation into Govra had begun.

Founded in 2008, the startup raised $185 million before its $100 million IPO was blocked by the Australian Securities Exchange.

Govra’s IPO prospectus was heavily criticized and the company was forced to file a new version after receiving 45 amendments from the Australian Securities and Investments Commission. In fiscal 2016, Govra lost $81 million on revenue of just $1.2 million.

In May 2017, Govra ceased all operations in the remaining Asian markets.

In the coming days, we will share more startup failure stories with you. Failures that the right look at them can provide the basis for our success!