It's curtains for Stripe, the Australian subscription-based radio service launched nine months ago by entertainment entrepreneur Glenn Wheatley.

For a monthly fee of $7.95 Australian ($6.30), subscribers could tune in to Stripe's 30 channels via their 3G mobile phones and from its Web site Plans were to grow its operations to 100 radio stations covering music, news, talk, sport and comedy.

Speaking to after its launch last October, Wheatley said "Stripe Radio will revolutionize radio in Australia the way FM did in the 1980s."

The start-up did not match its targets and its Website now carries a brief message, "Thank you for your support."

Investors in the enterprise included Sydney radio station 2GB's broadcaster Alan Jones, Nine Network host Richard Wilkins and former Little River Band singer Glenn Shorrock.

Among the staff let go are managing director Iain Bartram and head of programming Jarrod Graetz, both from traditional radio backgrounds.

Wheatley, who served time in 2007 for tax fraud, was in the news again when he recently reunited with his long-time client John Farnham to announce the entertainer's national comeback tour later this year.