Far Short of $11M Goal, 8Tracks Pivots to Survival Mode

Acknowledging to shareholders that its six-month long campaign to raise $11 million via a Tier 2 Reg A offering has yielded only a fraction of the capital it sought to build out its music streaming service, 8Tracks, Inc., announced that it will sharply curtail its business activities, forgo compensation for its staff, and pivot its business model away from advertising to a subscription-based service.