Mygazines made a splash a few months ago by launching a service that lets you read your favorite magazines online – without paying. The plan might have worked if the company had, I don’t know, partnered with magazine publishers to make free ad-supported versions of the magazine available. But that’s not what happened. Instead, Mygazines encouraged users to scan their own magazines and upload them to share with others.

Flash forward a few months and Mygazines is no more. A visit to the company’s homepage shows a message saying that the service has gone under due to “monetary reasons and the state of the global economy.” Because that’s what did it in. The global economy. Not a flawed business model that was incurring the wrath of publishers.

[via Wired]