In May we profiled the Seattle-based app Lively, calling the service – which was created to make downloadable, professional quality concert footage available to fans via mobile devices – “part of a growing trend in music discovery.”

Today, sadly, it was revealed that Lively has joined another growing trend in the music business – those out of business.

As John Cook reported for GeekWire, Lively has announced that its shutting its doors, laying off 22 employees in the process. For a startup that had raised in excess of $2 million in venture funding at one point, and seemed to be establishing itself as part of what the future of music might look like online, the news came as a surprise to many. Lively CEO Dean Graziano put things in simple terms for GeekWire, telling the website, “We just ran out of time.”

Cook reports that Lively had difficulty finding additional financial backers, and was struggling “to ink deals with music labels, which controlled the music content that Lively was attempting to sell.”

“It is tough to make money when you don’t own the content,” Graziano tells GeekWire.

The GeekWire story notes that a last-minute financial backer could still step up to the plate, and that the search is on “for potential buyers.” While no one was able to speak on record, Lively employees have shown some hope online that there will be new things to come.

Stay tuned.