Well they are certainly not closing down. As opposed to most other blockchain+music companies, they are primarily a music platform company more than a crypto business. They cancelled their ICO and don't seem to agree with all the crypto mumbo jumbo that happens to be the industry standard for crypto projects. They are building a music service that happens to be fueled by blockchain technology because it makes sense.

As for wind blowing out of sails, that seems to be the case with all of crypto at the moment. And seeing how they are a music platform company more than a crypto business, I don't think anyone should be worried about platform survival at all yet. They also didn't even plan on getting any revenues before next year according to the WP either. (paid streaming packages, and advertising)