Turntable.fm's spinoff platform Turntable Live is shutting for good as the site’s founder launches a new social app.

Turntable Live streamed live, interactive concerts for fans who paid $3 each per show. However, after a rocky few months in business, founder Billy Chasen has closed the service.

It’s the second time one of Chasen’s ventures hasn’t worked out. Original site Turntable.fm launched in 2011 and despite receiving $7.5 million investment and securing licensing deals with all four majors, in December last year that ...