It would seem to me that people just want free music and they just don't care how they get it. This is bad news for artists, of course, since not getting paid means you are not going to make music for free because the Internet said so a decade ago.
Two years ago, this is what the service was about:
Here goes: You and up to four other people take turns streaming just about any song you want for anyone who wants to listen, for free, in one of the site’s “rooms.” A deal withMediaNet, a digital content provider, gives Turntable access to millions of songs, and if the song you want to play isn’t there, you can upload your own MP3 to the site and play that. There’s a chat feature so you can compare notes, and you can “follow” your pals.
Here is the residual effect of the "napster" mentality where everything "free" is a "great thing for the music business" but not necessarily artists:
And while it seems blindingly obvious that Turntable.fm is a great thing for the music business — it , the best possible advertising — I wouldn’t put it past a label or two to gripe about the service.
What is blindingly obvious is that people got sick of the service. How many artists got paid? Any? Are we supposed to feel bad for the websites that are now going under, too?