In a blunt tone, BeamItDown’s Phillip Huber summarized what he concluded as the end of his life’s hard work and the result of millions. Huber’s company as well as their iFlow Reader application will cease to exist, come May 31st which is the official date when BeamItDown is expected to shut down.
Five of us spent nearly a year and a half of our lives and over a million dollars in cash and sweat equity developing the iFlowReader app with its unique AutoScrolling approach to reading that many of you really like. … We put our faith in Apple and they screwed us.
BeamItDown is the first company to shut down after Apple Inc. (AAPL) made a change to it’s in-app subscription rules and just before it released it’s new subscription model. This shut down is drawing attentiom across the web, with developers fearing that their apps might be on danger as well. While many cases may not be as serious as BeamItDown’s, it is still a matter of great concern within the developer community. This is something that could possibly cost developer’s lots of money, time and hard work as the subscription model eats into developers already thin profit margin. Apple has yet to make a statement on any further changes to the new subscription rules they may present with the developer’s release of iOS 5.