Playlist-based streaming service 8tracks has nearly concluded its equity crowdfunding campaign. The company has so far raised more than $2.2m from more than 4,500 individual investors, with the campaign due to end this Friday. That’s an impressive total, although for context, when the company announced its plans in May 2016, it said it had received over $33m of investment interest from more than 35,000 people, and announced that it would limit its crowdfunding to $10m. It’s not been quite as big a campaign as the company would have hoped for, then, although 8tracks points out that it’s still the largest number of participating investors for a campaign of this type. 8tracks has also updated its public figures: 17 million registered users, five million monthly active users, and 2.4m playlists on the service. 8tracks also recently revealed it’s planning a shift from an ad-supported business model to subscriptions, after ad revenues disappointed.
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