Online audio company shuts down

<p>US online audio company MediaBay is closing down after failing to attract enough customers to its digital download offering.</p><p>The company began looking for a buyer in spring 2006. In its statement, MediaBay said &quot;it has been unsuccessful in its attempt to sell the company, and has no viable alternative except to cease operations and liquidate its assets.&quot; MediaBay said that it hoped to complete the sales process by early September.<br /><br />MediaBay had attempted to transform itself from a book club for spokenword audio through its Audio Book Club division, to an audio book download website. For the year ended December 31, 2005, MediaBay reported net sales of $9.0m as compared to $18.8m for the year ended December 31, 2004. At the time, the company said that the decline in revenues had been expected.<br /></p>