Fabchannel, the Amsterdam-based company that films rock concerts from the Dutch capital's Paradiso and Melkweg (Milky Way) clubs and broadcasts them through its Web site, will cease doing so as of March 13.

The site also had partnerships to film concerts with the L.A. Roxy, Barcelona's Apolo and Sala Bikini venues.

The Internet service has been around for nine years and the city of Amsterdam showed its appreciation by subsidizing the company to the tune of €400,000 ($510,000). In 2006, it won the 10th annual Webby Award from the International Academy of Digital Arts and Sciences.

Founder and CEO Justin Kniest blames its demise on the music industry's unwillingness to allow Fabchannel to record and broadcast performances of many of its acts, which impacted on the site's advertising revenue.

"Over the course of the last nine years we have tried in vain to work with the majors, but they refuse to grant us worldwide broadcasting rights for their acts," he says. "But you need big names to draw a big audience. Without that, you don't sell commercials."

The current economic climate further diminished the income from online ads, prompting Kniest to pull the plug. Fabchannel's archive of thousand of concerts won't be available any more either, as there are no funds to pay the performance rights. The staff of 30 full time and part time employees will be laid off.