Share Radio's founder and primary financier Gavin Oldham said 'it has been a long and steep learning journey which we are unable to complete'Getty Images
National business and financial news station Share Radio is to cease digital broadcasting on 5 May, barely a year after going national.
The station initially hit the airwaves in 2014, via the digital audio broadcast (DAB) radio platform in London. Last year, Share Radio took the slot reserved for "talkBUSINESS" on the Sound Digital SDL multiplex.
The channel was seeking £2.5m in fresh investment, which did not materialise in time for the channel to remain viable.
In a statement, Share Radio's founder and primary financier Gavin Oldham said: "Share Radio has many supporters in the financial services industry but unfortunately this has not extended sufficiently into working with us as sponsors and advertisers, or indeed financiers."
An Ipsos MORI omnibus survey in May 2016 showed Share Radio's nationwide monthly audience to be average 118,000 weekly.
However, Oldham said: "In an industry where very large audiences for music stations drive advertiser attention, Share Radio's revenues are a long way from meeting the costs of a quality speech station. It has been a long and steep learning journey which we are unable to complete.
"We're also very grateful to the very large number of guests and contributors who have made our output so special and sprinkled stardust on Share Radio."
Effective, 6 May Share Radio will be only be available online and via its apps. The station confirmed its archive of broadcasts will also remain available online.
The station's retreat from the airwaves also poses challenges for the SDL multiplex. Under its current remit, SDL is obliged to provide a business news radio broadcaster.
However, Ofcom could amend that prerequisite on application. Separately, in a development that is unrelated to discontinuation of services by Share Radio, a person familiar with the matter told IBTimes UK that the government has an ongoing consultation on whether the rule should be changed on the issue of Ofcom's permission being sought in an event of this nature.